The Works has confirmed that its first half – the 26 weeks to October 2023 – saw revenues increase from £118.9m to £122.5m but that losses of £14.7m accompanied this as against the £7.2m loss in the prior year.
CEO Gavin Peck said: “Market conditions have been persistently challenging, putting pressure on our sales and profit performance in the first half and throughout the festive period.
“It is clear that many families celebrated Christmas on tighter budgets this year, and whilst we offered excellent value, we were not immune to this reduced spend. I am proud of the way that our colleagues have rallied together to deliver for our customers during these challenging times.
“We have started the new calendar year on an improved sales trajectory, with a strengthened leadership team to drive forward our strategy and exciting Easter and summer toy ranges due to land later this year. However, we are also mindful of external challenges, including recent supply chain disruption in the Red Sea.”
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