TheWorks.co.uk PLC (LSE:WRKS) has upgraded its full-year earnings expectations after reporting double-digit like-for-like sales growth in the opening 18 weeks of the year.
The retailer's like-for-like sales rose 10.4% in the period to 6 September, accelerating from 5.9% growth in the comparable period last year.
Growth was recorded across all four of its key product categories — arts and crafts, stationery, toys and games, and books — with the company pointing to continued progress under its Elevating The Works strategy and demand for its screen-free product offering.
Following the stronger-than-expected start to the year, the board now expects pre-IFRS 16 adjusted EBITDA of at least £16 million, ahead of previous guidance and prior market expectations of £15 million.
The company cautioned that macroeconomic uncertainty remains and that the key Christmas trading period is still ahead.
Chief executive Gavin Peck said the performance, which included the important back-to-school trading period, reflected the successful execution of the group’s long-term growth strategy.
“We are delighted with the strong trading momentum and like-for-like sales growth achieved during the first 18 weeks of the year,” he said.
The Works remains focused on maintaining momentum through the remainder of the financial year.
The group operates more than 500 stores across the UK and Ireland.
