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TheWorks sees like-for-like sales fall, closes 24 stores

Published 21/05/2024, 09:17
TheWorks sees like-for-like sales fall, closes 24 stores

Proactive Investors - TheWorks.co.uk PLC (LON:WRKS) saw like-for-like sales fall 0.9% in the 2024 financial year, according to the arts, hobbies and books retailer’s first trading update since moving its listing from the Main Market to AIM.

TheWorks tempered expectations in its interim earnings call last November, citing challenging and uncertain trading conditions.

A series of cost-saving measures were implemented throughout the year, including moving its fulfilment centre to a “more efficient facility” and ending its loyalty scheme.

A total of 24 stores were closed during the 53 weeks ending 5 May, bringing TheWorks’ retail footprint to 511 by period end. 96% of these stores were profitable, said the group.

Chief executive Gavin Peck said: "We are pleased to have finished FY24 in line with market expectations, which reflects action taken to reset our cost base and improve margins, supported by improving store sales in the final quarter.

“Significant changes implemented across the business make us well-placed to offset cost headwinds and we expect to return to profit growth in FY25.”

Shares were up 4.6% in early Tuesday exchanges.

Read more on Proactive Investors UK

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