Annual sales improve for The Works
Retail chain The Works saw growth in sales and returned to profit in the year to May 1.
The Coleshill-based business, which sells arts and crafts, stationery, toys, and books, was helped by increased consumer demand post Covid-19.
Total revenue was up 46.5 per cent to £264.6m from 2020-2021.
The pre-tax profit of £10.2m compared with a loss of £2.8m for the previous year.
Five new stores opened in the year with seven closed and six and relocated. There were also 16 store refits as part of a strategy to refresh the estate.
Since May store like-for-like sales have been up four per cent, but online sales are down by 21.7 per cent. Total sales were up by 2.3 per cent.
Chief executive Gavin Peck said that The Works had delivered a strong performance in 2021-2022.
He said that growth in sales and profits was achieved despite some significant external operational challenges.
"We closed the year in a much stronger financial position and will be pleased to recommend to shareholders the payment of a dividend," he added.
Mr Peck said that since year end there had been significant growth in the books category, driven by increased representation of front-list authors including Julia Donaldson and Richard Osman.
"We are well-placed operationally for Christmas and are gearing up to deliver for our customers, maintaining our commitment to provide them with the products they love at fantastic value.
"The Works is a resilient business 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 added.
