By Leah Montebello
The Works continues its valiant post-pandemic comeback as revenue climbs for the high street arts and crafts store despite inflationary pressures.
For the year ending 1 May, total revenue hit £264.6m for the retailer, up 46.5 per cent compared with 2021 levels.
This was bolstered by the fact that two-year like-for-like sales climbed 10.5 per cent, with positive growth online and in stores. Gross sales were also up 12.7 per cent.
The firm said that this strong sales performance helped offset the impact of external headwinds, resulting in an increased profit. The Works posted profit before tax of £10.2m compared with a loss of £2.8m in FY21.
The Works chief Gavin Peck said the business was a “resilient” one, with a proven track record of delivering robust results during times of economic hardship.
“However, given current conditions, we maintain our cautious view of the year ahead. We remain confident in our ability to continue making good strategic progress and to deliver growth in the medium-term,” he said.
The discount retailer reinstated its dividend in May after telling investors its sales were significantly higher than at pre-pandemic levels, on the back of a record Christmas and booming demand for books.
The firm said it had capitalised on the “BookTok” trend on social media platform TikTok to boost sales of its discount books and drive customer interest.
The Coleshill headquartered company also said it had increased sales of branded toys and games through reinforcing its Peppa Pig, Paw Patrol, and Cocomelon ranges.
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