// The Works online sales rise during Covid-19 lockdown
// Revenue rose by 3.5% year-on-year for the 12 months to April 26
The Works has seen its online sales more than triple during the coronavirus lockdown as its stores remain closed.
The discount retailer said its like-for-like sales in stores and online increased by a colossal 81 per cent in the week to March 22.
Meanwhile, revenue rose by 3.5 per cent year-on-year for the 12 months to April 26.
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During the year it also opened a new 37 new stores, taking its total to 534.
The new store roll out programme is currently suspended, with the exception of a small number of stores where the company is legally committed, and discussions with landlords to reduce rents whilst stores are closed are ongoing.
“The board is confident that The Works’ proposition will continue to resonate well with customers during this period of extended social distancing,” The Works said.
“Whilst it is not possible to provide specific guidance for the financial year ahead, the board has a cautious outlook given the highly uncertain trading conditions and the potential impact of social distancing in stores.
“This caution is reflected in its modelling and the board believes that, based on the scenarios considered, it currently has appropriate liquidity in place.”