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LONDON (Alliance News) - TheWorks.co.uk PLC on Thursday said it expects its annual profit to be around the lower end of market forecast due to the widely reported uncertainty in the UK.
Shares in the company were trading down 18% at 97.00 pence each.
Nonetheless, the retailer reported a strong annual sales performance as it expects a double-digit revenue increase on the back of higher like-for-like sales.
For the year ended April 28, the gift & toys retailer expects revenue to rise 13% year-on-year, with overall like-for-like sales growth of 3.0%.
"This performance was driven by growth both in stores and online, with a particularly pleasing performance from our Click & Collect service," the company explained.
During the year, The Works continued its successful store rollout strategy, opening a net 50 new stores, taking the total number of stores trading to 497. The company's management is now eyeing a target of 1,000 stores in the UK & Ireland.
"The Works delivered its eighth, consecutive, record Christmas performance in the Period but, as a result of the widely reported economic and political uncertainty in the UK, like-for-like sales growth has softened since the turn of the year," the firm said.
It added: "Consequently, the company now expects its adjusted profit before taxation to be around the lower end of current market expectations."
TheWorks.co.uk will publish its annual results on July 3.
