Growth in the works for Midlands arts and crafts retailer

Coleshill-based arts, crafts and stationery retailer The Works has posted growth for the year ended 5 May 2024 despite a slight hit to sales.

The business reported revenues of £282.6 million, up 0.9 per cent on the previous period.

Store sales rose 0.6 per cent but online fell 12.4 per cent, attributed to a tough trading environment and operational challenges in the run up to Christmas.

The year saw 9 openings, 24 closures, five relocations and 21 refits across the UK.

CEO Gavin Peck said: “Against a persistently challenging consumer backdrop and tough Christmas trading, we were pleased to end the last financial year 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.

“Although consumer confidence remains subdued and we continue to face tough cost headwinds, the cost and operational action we’ve taken and the trajectory of recent trading means we’re well positioned to offset these and return to profit growth in 2025.

“Operationally, we’re in a much stronger position this year as we head into the upcoming peak Christmas trading period, and we look forward to supporting customers to have a Christmas well spent courtesy of The Works.”

Sales for the first 21 weeks of the current financial year have “outperformed the wider sector” in the run up to the peak festive trading period.