14th May 2021 08:44
(Alliance News) - TheWorks.co.uk PLC on Friday reported double-digit sales fall in its recently-ended financial year but said sales since the majority of stores reopened have been "very encouraging".
The retailer of arts, crafts, toys, books and stationery said it has delivered a resilient performance in the 53 weeks ended May 2, with lower sales than a year ago reflecting government restrictions, partially offset by good growth online and strong customer demand when stores were allowed to trade.
During the period, there were 16 weeks when all stores were closed and a further 8 weeks when at least 75% of the stores were closed, which also included the peak Christmas trading period.
As a result total sales in the 53 weeks declined by 19% to GBP206.2 million year-on-year. Store like-for-like sales during the year grew by 6.0% and online sales more than doubled on the year ago.
During the year, TheWorks.co.uk said it focused on optimising its existing store estate rather than pursuing a targeted number of new store openings. As at May 2, the company said it traded from 527 stores across the UK and Ireland, down from 532 operating stores it had a year earlier.
Looking ahead, the company said a "higher than normal" degree of uncertainty remains, but sales since the majority of the company's stores reopened have been "very encouraging".
"The board expects the early progress to continue and remains confident in the future prospects of the business," said Chief Executive Gavin Peck.
TheWorks.co.uk shares were trading 5.1% lower in London on Friday at 69.00 pence each.
By Evelina Grecenko; [email protected]
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