The Works reports 25% winter sales drop despite online boom
A UK crafts retailer has today announced a 25 per cent decline in sales over winter due to government lockdowns.
The Works reported that it saw a 24.8 per cent drop in total sales between October and January, driven by restrictions on trading due to the pandemic.
However, the company also saw its online sales climb approximately 70 per cent higher than last year, which it said represents a “successful balance” between high demand and additional costs.
Gavin Peck, CEO of The Works, commented: “Our interim results and trading over the crucial Christmas period reflect a robust performance given the impact of store closures as a result of Government restrictions.
“When open, our stores have performed well and our online proposition has continued to resonate strongly, supported by the investment we made to increase online capacity.
“Our ability to continue to safely serve our customers and communities through these unsettling periods is thanks to the ongoing commitment and hard work of fantastic colleagues across the business, something I am incredibly proud of.
“With our stores temporarily closed, we are, once again, focussed on maximising sales through our online operations and carefully controlling costs whilst ensuring that we are able to reopen safely when restrictions allow.
“We are in a strong financial position to face the current challenges and we remain confident in the medium-term growth potential of the business, particularly given the evident ongoing relevance of our proposition.”
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