Skip navigation

Gloucestershire Business News

The Works reports an increase in turnover

Retailer The Works have recorded a three per cent rise in like-for-like sales in the year to April 28, 2019.

The multi-channel retailer of gifts, arts, crafts, toys, books and stationary recorded revenues of £217.5million for the year.

That equated to a 13.2 per cent rise on revenues of £192.1million in 2018, but the net opening of 50 new stores contributed to the headline rise.

Profits before tax decreased from £2.6million in 2018 to £2.3million in the first year since listing on the Stock Exchange.

Kevin Keaney, Chief Executive Officer of The Works, said: "In our first year as a listed business, I am pleased that TheWorks.co.uk 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.


Click here to get Punchline Daily, the best Gloucestershire news delivered to your inbox

"Underlying like-for-like sales in the first nine weeks of the current year have improved since the final quarter of last year to +1%.

"This was achieved against a consumer backdrop that remains subdued and we are now assuming that this will continue for the foreseeable future.

This is a challenging environment, however, it also creates opportunities.

"The structural shift in the retail sector has resulted in a constant flow of more affordable, good quality retail space.

"We have a full pipeline of new sites and recent openings have continued to perform well."

The Works have two outlets in Gloucester and another at the Blooms Garden centre near Junction 12 of the M5. It also operates stores in Cheltenham and Stroud.

Related Articles

EXCLUSIVE: Dowdeswell Estates and Gloucester City Council agree deal to redevelop The Fleece Hotel Image

EXCLUSIVE: Dowdeswell Estates and Gloucester City Council agree deal to redevelop The Fleece Hotel

Punchline can exclusively reveal that a "game changing" deal has been agreed to transform a Gloucester City centre landmark.

VIDEO: Take a tour of the historic Fleece Inn in Gloucester ahead of its redevelopment Image

VIDEO: Take a tour of the historic Fleece Inn in Gloucester ahead of its redevelopment

Punchline TV speaks to the key players in the redevelopment and takes a peak inside the historic building before it is redeveloped

Work starts on Cheltenham Quadrangle rooftop restaurant development  Image

Work starts on Cheltenham Quadrangle rooftop restaurant development

Transformation of landmark Cheltenham town centre building the Quadrangle has now begun, with contractors moving onto the site.

Historic house for sale - with Lord of the Manor title Image

Historic house for sale - with Lord of the Manor title

If you have aspirations to becoming a real life Lord of the Manor and fancy following in the footsteps of Royalty we could be able to help.

Copyright 2019 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.