Retailer TheWorks falls after drop in FY profit as inflation bites

Works co uk

30/08/2023 08:25

** Shares of arts and crafts retailer Works co uk Plc
 WRKS.L  down as much as 6.8% at 30p
    ** Set to record its worst day in seven months if losses
hold
    ** Co reports a 64.7% drop in its FY profit before tax to 5
mln stg ($6.32 mln), hurt by inflationary pressures, especially
by rising costs of freight and energy in the first half of the
year 
    ** Adds cost pressures eased in the second half and co saw a
5.8% rise in it FY revenue to 280 mln stg
    ** Says FY overall LFL sales up 4.2%, but online sales
declined by 15%
    ** Separately, co says CFO Steve Alldridge to resign at the
end of 2023, and current head of finance Rosie Fordham to
replace him 
    ** As per last close, stock down 7.3% YTD



($1 = 0.7916 pounds)

 (Reporting by Sinchita Mitra in Bengaluru)
 ((Sinchita.mitra@thomsonreuters.com))