// The Works posts rising sales despite trading against “a challenging backdrop”
// Total sales increased by 6.1% to £316.6m, compared to £298.4m last year
The Works has reported a jump in full year sales in what it described as “a resilient performance”.
During the year to April 30, the arts and crafts retailer posted a 6.1% rise in total sales to £316.6m, compared to £298.4m last year. In-store sales surged 7.5% on a like-for-like basis, representing 88.8% of total sales.
Online sales fell 15% resulting in overall like-for-like sales growth of 4.2%.
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The retailer expects to report an adjusted EBITDA of £9m for the year and £10m for FY24, in line with the market’s forecast, as it remains “confident in the future prospects of the business”.
The Works chief executive Gavin Peck said: “Our performance in FY23 was delivered against a challenging backdrop. The business traded well through difficult external conditions, most notably the inflationary environment, and the recovery from the cyber security incident at the start of the year.
“The store performance was strong throughout the period, demonstrating the enduring value of our store network in communities across the UK and Ireland. Online sales continued to lag behind, partially reflecting the normalisation trend seen more widely.”
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