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TheWorks.co.uk PLC - Birmingham-based toys, crafts & stationary retailer - Hails a "resilient trading performance" in its first-half ended October 30. Sales rise 2.1% year-on-year. Says store trading was positive, increasing by 3.5% on a life-for-like basis, whilst online sales declined by 16.9% "(but were still 50% above pre-Covid levels)".
"Sales in both channels were adversely affected during May by operational issues in the aftermath of the cyber security incident in March 2022. However, from June onwards, the store LFL performance was positive, with particularly strong growth in the summer, when the refreshed outdoor play range performed well, followed by a record 'Back to School' season," TheWorks notes.
TheWorks says financial 2023 guidance remains unchanged, but says it remains cautious regarding how consumer spending might be affected by external factors such as "higher inflation and interest rates during the key Christmas season and the remainder of this financial year".
Current stock price: 30.80 pence, down 11% on Friday in London
12-month change: down 46%
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