High Street

The Works upbeat after strong Christmas revenue growth

Arts and crafts retailer The Works has reported a 15% increase in revenue in its half-year trade update, with like-for-like (LFL) sales also up 3.8%.

The company said it continued its sales momentum into the Christmas trading period, delivering a “record sales performance despite tough comparatives”, and achieved LFL sales growth of 4.5% – reflecting strong sales both in stores and online.

The group also reported an adjusted EBITDA loss of £0.9m, compared with £0.2m H1 FY18, due to the “seasonal nature of the business”. However, the board said it was “pleased” with the company’s performance during the period, and is “confident” that the business will continue to trade in-line with its full-year expectations.

CEO Kevin Keaney said: “We’re really pleased to be reporting a strong maiden set of interim results today.  We have continued to delight our customers with our wide and constantly refreshed range of great value products through our flexible and convenient multi-channel offering.

“We continued that momentum into the second half with like-for-like sales growth of 4.5%.  This is a record performance for us, with customers recognising our great value and exciting product range that made us a go-to choice for Christmas.  I want to thank colleagues across the business for their hard work and for going the extra mile to deliver this excellent result.”

He added: “In 2019 our focus will be on introducing our unique multi-channel value proposition to even more customers by expanding our store portfolio and our online offer whilst remaining flexible and nimble traders whatever the economic environment may be.”

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