Sales and Profits Surge at The Works
Discount retailer, The Works, has announced a strong sales and profit performance for the financial year ending April 2015, including an 11 per cent increase in total sales and EBITDA increase of 15 per cent to £9.3m. The Works’ latest year of growth follows seven years of consecutive sales and profits increase, with 2014 total sales totaling £157m across the retailers’ estate of 310 stores.
Kevin Keaney, The Works CEO, said: “This has been another standout year for The Works, with the business continuing to deliver strong sales and profit growth from an increasingly high base. The Works continues to offer the savvy UK consumer a good quality, great value alternative to full price specialists of arts, crafts, stationery, gifts, toys and books. This strategy of focusing the business around a family-friendly discount offering continues to pay dividends, and we’ve also managed to accelerate innovation and investment levels across our business while at the same time increasing profits.”
2014 saw The Works continues to grow its highly successful Together Card loyalty scheme, launched in a discount sector-first in late 2013. The retailer also opened 18 new stores over the course of the year and continued to upgrade and rebrand its existing store estate to better signpost its product range and make stores easier to navigate and shop.
To further drive e-commerce growth, The Works also successfully launched a Click & Collect service as the next stage in its multi-channel strategy and invested in developing its mobile website usability, doubling its sales conversion rate via mobile.
Kevin Keaney continued: “This has been a landmark year for building on the foundations laid in 2013 and achieving many of the goals we set out around multichannel investment and our Together Card programme, of which we’re intensely proud. 2015 will see us continue to build momentum in our loyalty programme and e-commerce, as well as accelerating our store opening programme, with at least 30 new store openings planned for this year.
The Works is owned by private equity firm, Endless LLP. The Works 2014 financial year reflects the period May 1st 2014 – April 30th 2015.