Stationery Retailer Posts £4.3m Pre-Tax Loss in Q2

  • 7.8% revenue decline for The Works in 26 weeks to 25 October
  • Pre-tax loss of £4.3m compared to £8.5m in the same period last year
  • First Covid-19 lockdown restrictions impacted trading
  • Like-for-like sales increased by 10.6% when first seven weeks excluded
  • Total sales down 24.8% year-on-year for 11 weeks to 10 January
  • CEO Gavin Peck: ‘robust performance’, online operations growing

The Works, a stationery and book retailer, has reported a 7.8% decline in revenue to £88.9 million for the 26 weeks ending 25 October. The pre-tax loss was £4.3m, up from £8.5m in the same period last year. The first Covid-19 lockdown restrictions affected trading, but excluding the initial seven weeks, like-for-like sales increased by 10.6%. In its trading update for the 11 weeks to 10 January, total sales dropped 24.8% year-on-year. CEO Gavin Peck said stores performed well and online operations grew with investments made. Despite temporary closures, the company remains confident in medium-term growth potential.

Factuality Level: 8
Factuality Justification: The article provides accurate information about The Works’ revenue decline, pre-tax loss, and trading impact due to Covid-19 lockdown restrictions. It also includes quotes from the retailer’s CEO, Gavin Peck, discussing their performance and future plans.
Noise Level: 3
Noise Justification: The article provides relevant information about The Works’ revenue decline and its performance during the Covid-19 lockdown period, as well as the CEO’s comments on their online operations and future growth potential.
Financial Relevance: Yes
Financial Markets Impacted: The stationery and book retailer The Works reported a revenue decline and pre-tax loss due to Covid-19 lockdown restrictions impacting their business.
Financial Rating Justification: This article discusses the financial performance of a company, The Works, which is related to financial topics such as revenue, losses, and its impact on the retail sector.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.

Reported publicly: www.retailsector.co.uk