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The Works online sales decline despite resilient performance amid ‘challenging backdrop’

The Works storefront

The Works has reported a 15% decline in online sales, in what it described as a “resilient performance”.

In the year ended 30 April 2023, the arts and crafts retailer saw a 6.1% rise in sales to £316.6 million, compared with £298.4 million in the same period last year.

During this period, the group saw in-store sales rise by 7.5%, which represented 88.8% of total sales. Despite a drop in online sales, like-for-like sales grew by 4.2%.

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According to the retailer, its figures weakened in April 2023, due to the aftermath of a cyber security incident which took place in March 2022, which the company said reflected in the “slight increase in the recent rate of sales growth”.

As a result, the group now expects to report an adjusted EBITDA of £9 million for the year, which is in line with market expectations.

“Our performance in FY23 was delivered against a challenging backdrop. The business traded well through difficult external conditions, most notably the inflationary environment, and the recovery from the cyber security incident at the start of the year,” The Works CEO Gavin Peck said.

“The store performance was strong throughout the period, demonstrating the enduring value of our store network in communities across the UK and Ireland. Online sales continued to lag behind, partially reflecting the normalisation trend seen more widely.

“We delivered good strategic progress in the second half of FY23 and have now laid the foundations to continue on this trajectory in the year ahead. This progress is testament to the passion and commitment of our brilliant colleagues, who continue to go above and beyond to deliver for our customers.”

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