H
igh street customers have helped offset declining on-line gross sales at The Works, the stationery and books retailer confirmed because it recorded full-year income development.
The chain, which has 526 branches of which 12 are in better London, mentioned comparable gross sales in shops climbed 7.5% within the 12 months to April 30. But the web determine dropped 15%.
Total like for like gross sales rose 4.2% and income elevated 5.8% to £280.1 million.
The agency’s replace mentioned: “Retailers have witnessed a shift in consumer behaviour post-Covid, with shoppers increasingly returning to shop in-store and less so online. Stores have always been the lifeblood of the business and it has therefore resulted in a net gain for The Works given that stores represent around 90% of sales.”
Chief government Gavin Peck mentioned: “Although inflationary pressures increased business costs and dampened consumer confidence, we ended the year in line with our rebased expectations.”
Pre-tax income tumbled to £5 million from £14.2 million, additionally impacted by the absence of Covid-related business rates help which it was helped by within the prior monetary 12 months.
Peck mentioned the agency expects the interval “to be the low point in The Works‘ profitability post-Covid given that cost headwinds have now eased, the financial performance improved throughout the second half of the year and we have started to make more meaningful strategic progress”.
He cautioned the macroeconomic outlook stays unsure, however added he stays assured within the potential to ship worthwhile development within the medium time period.
The board has proposed a ultimate dividend of 1.6p per share.
