The Works books 15% sales rise in first update since IPO

358
The Works half year

The Works has recorded an increase in sales amid the first trading update since it became public company after it launched on the stock market with an IPO.

For the 26-week period ending October 28, half-year revenue increased 15 per cent year-on-year, and like-for-like sales grew 3.8 per cent.

The books, toys, crafts and stationery retailer attributed this performance to growth in both bricks-and-mortar stores and ecommerce, particularly the strong sales of Squishies partly offsetting sales from the spinners trend in the prior year.

During the first half, The Works continued its store rollout strategy, opening a net 32 new stores, taking the total number of stores trading to 479.

The retailer said it was on track to meet its target of 50 net new store openings for the full-year, and that full-year trade will be in line with the board’s expectations.

The half-year update comes a few months after The Works made its debut on the London Stock Exchange with £100 million IPO float.

“We’re pleased with our performance in the first half of the year, with good sales growth in our existing stores and in ecommerce, the continued execution of our store opening strategy and a successful IPO,” The Works chief executive Kevin Keaney said.

” As we enter the busy Christmas period, we remain focused on delivering for our customers through our unique multi-channel offering, which continues to buck the trend in retail.”

Click here to sign up to Retail Gazette‘s free daily email newsletter