Discount retailer The Works has posted its maiden results as a public company, revealing a like-for-like sales increase of 3% for the year ending April 28.
The company has attributed the sales uptick to its aggressive store roll-out strategy (it launched 50 stores in the year) as well as in-store and online sales. The Works also saw success on the back of its growing Click & Collect sales channel.
The retailer’s pre-tax profits fell from £2.6m to £2.3m year-on-year, but adjusted pre-tax profits increased from £4.2m to £6.7m to reflect the “full-year impact of the post-IPO debt structure.”
Kevin Keaney, chief executive of The Works, said: “In our first year as a listed business, I am pleased that The Works has achieved good growth, underpinned by our clear strategy and a consistent focus on our customers.
“Opening new stores remains our biggest driver of growth and we have taken advantage of the favourable property market by opening a net 50 new stores in the year.
“We delivered good like-for-like sales across all channels, as our continued focus on product newness and our nimble buying strategy enabled us to anticipate customer demand for current trends and seasonal ranges.”
Despite the encouraging results, The Works admitted it had been trading in a ‘challenging environment’ but said this offered opportunities for the business in the shape of filling good quality retail space.
Keany continued: “We have a full pipeline of new sites and recent openings have continued to perform well.”