Covid pastimes: Jigsaws and crafts continue to carry retailer The Works’ sales
Toys and stationary retailer The Works has continued to have its sales buoyed by consumer lockdown activities in recent weeks, with jigsaws, arts and crafts remaining popular throughout the pandemic.
The retailer was hit by severe store closures earlier on in the year but is returning to growth, as sales have lifted 13 per cent on a two-year like-for-like basis in the 11 weeks to 18 July.
Shares shot up 3.4 per cent in its afternoon trading, lifting its price per share to 60p.
“If at the beginning of FY21, we had known that our shops would be closed for nearly six months of the year, we would not have expected to achieve this resilient performance,” CEO Gavin Peck said.
“Whilst we couldn’t control temporary store closures, we focused on the things we could control, such as improving operations, managing costs carefully and continuing to invest in our online offer.”
The Works’ online offering saw a more than 120 per cent sales surge in the 53 weeks to 2 May.
“Our online store catered for unprecedented demand when our stores were closed, contributing to a step change in its profitability,” the company said.
However, total revenue tumbled by 19.7 per cent to £180.7 million due to its store closures. The group saw a statutory loss before tax of £2.8m.