The Works has posted revenue of £282.6m for the 53 weeks to 5th May 2024 which is up from the £280.1m achieved in the previous year. An adjusted profit of £3.2m compared to the £5.3m for FY23.
The business said that its sales had been lower than originally expected which reflected a tough trading environment and operational challenges in the run-up to Christmas. This combined with increased cost headwinds added pressure on profitability, though its action on costs and improved trading in the final quarter meant that it ended the year in line with expectations.
Gavin Peck, CEO, The Works said: “Against a persistently challenging consumer backdrop and tough Christmas trading, we were pleased to end FY24 in line with market expectations. This was a direct result of the continued dedication and strong response of colleagues, the decisive action taken to improve product margins, reduce costs and scale back non-essential investments, supported by improved sales in the final quarter.”
Share