The Works sales drop despite online investment

The Works Gavin Peck trading update covid-19
The Works sales drop as lockdown affects trading
// The Works reports decline in sales during the 11 weeks ended January 10, 2021
// However, online sales rose 70% higher than last year

The Works has recorded a 25 per cent decline in sales as tiered restrictions and lockdowns continue to affect trading.

The crafts retailer witnessed a 24.8 per cent drop in total sales during the 11 weeks ended January 10, 2021.

However, the company saw its online sales climb 70 per cent higher than last year, which represents a “successful balance” between high demand and additional costs.

READ MORE: The Works hires property consultants to expand store estate

“Our interim results and trading over the crucial Christmas period reflect a robust performance given the impact of store closures as a result of government restrictions,” The Works chief executive Gavin Peck said.

“When open, our stores have performed well and our online proposition has continued to resonate strongly, supported by the investment we made to increase online capacity.

“Our ability to continue to safely serve our customers and communities through these unsettling periods is thanks to the ongoing commitment and hard work of fantastic colleagues across the business, something I am incredibly proud of.

“With our stores temporarily closed, we are, once again, focused on maximising sales through our online operations and carefully controlling costs whilst ensuring that we are able to reopen safely when restrictions allow.

“We are in a strong financial position to face the current challenges and we remain confident in the medium-term growth potential of the business, particularly given the evident ongoing relevance of our proposition.”

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