The Works sales rise in H1 despite online slowdown
The retailer’s sales for the period increased by 2.1%, with total like-for-like sales having increased 0.6%
The Works has reported total sales for the half-year increased by 2.1%, with total like-for-like sales having increased 0.6%. Store trading was also positive, having increased by 3.5% on a like-for-like basis.
However, the group’s online sales declined by 16.9% over the period, though results show it is still 50% above pre-Covid levels. This decline was in part attributed to the group’s cyber security incident in March of this year.
The arts and crafts retailer also revealed having strong net cash of £11m in the group’s half-year trading update ended 30 October 2022, returning its operating cash cycle to pre pandemic levels.
Gavin Peck, CEO of The Works, said: “We have delivered a resilient performance in the first half with positive sales growth overall, demonstrating continued progress against our “better, not just bigger” strategy.
“Although it is very difficult to predict what Christmas will look like this year, we believe that the great products and fantastic value we offer will be more important than ever, with families still looking to celebrate Christmas but in a more affordable way.”
He added: “The Works has proven itself to be a resilient business and we remain confident in our ability to make progress on our strategy and deliver growth in the medium term, supported by a robust balance sheet.”
