12th Nov 2021 12:23
(Alliance News) - TheWorks.co.uk PLC on Friday said it saw growth in sales due to increased demand and expects revenue for financial 2022 to be in line with expectations.
The stationary retailer said sales in the 28 weeks to October 31 increased 15% compared to the same period two years ago. The firm noted the same period one year ago suffered extended periods of enforced store closures, which TheWorks said prevents the period from "forming the basis of meaningful comparisons".
TheWorks.co.uk attributes the growth to "stronger" customer demand, improving its core art, craft and stationery range, its strong "back to school" performance, successfully capitalising on trends.
"There are also signs that customers are shopping early for Christmas and, whilst the impact of this on the first half was small, we hope it is a positive indicator that strong demand will continue into the peak Christmas trading period," the company added.
The company notes that it is still looking to improve its supply chain system and stock management, to increase product availability.
Nonetheless, TheWorks.co.uk expects the full-year results for the current financial year 2022 to be in line with original expectations.
"Looking ahead, we have a fantastic range of products for our customers this Christmas with initial demand for them already very strong. We are cautiously optimistic about prospects for our peak sales season and our ability to trade through the ongoing supply chain challenges faced by the majority of our sector, " Chief Executive Gavin Peck said.
The interim results for the half-year 2022 and an update on Christmas trading will be published January 21, 2022.
Net cash increased 58% in the 28 week period to GBP17.8 million from GBP11.3 million in the same period a year ago.
Shares were down 1.8% at 56.00 pence on Friday in London around midday.
By Abby Amoakuh; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Theworks.co.uk.