The Works grows sales but profits slip

The Works grows sales but profits slip

The Works which retails books, arts and crafts products, toys and stationery has posted annual sales of £280.1 million for the 12 months to 30 April 2023. This is up from the £264.6m for the previous 12 months but the pre-tax profit had fallen from £14.2 million to £5 million.

CEO Gavin Peck said: “The Works delivered a resilient performance in FY23, despite facing some sizeable challenges. Revenue growth was driven by our strong portfolio of stores, bolstered by the sector-wide shift of customers returning to shop in-store post-Covid.

“Although inflationary pressures increased business costs and dampened consumer confidence, we ended the year in line with our released expectations.”

The business confirmed that its CFO Steve Alldridge will step down at the end of 2023 and is being replaced by the promotion of its current head of finance Rosie Fordham.


Twitter Facebook LinkedIn WhatsApp

Related News

Quiz issues profit warning

Dunelm enjoys sales growth

THG share price plummets

Sign up to receive our newsletter