TheWorks to reopen 465 England stores next week

(Sharecast News) - Toys, books and stationery retailer The Works said on Friday that its online business continues to perform well as it prepared to reopen 465 stores across England, Northern Ireland and the Republic of Ireland next week.
The company said it will look to re-open its remaining stores in Scotland and Wales "as soon as possible thereafter".

There has been "very strong" demand for its online offering since the lockdown period kicked in on 23 March, it said, with sales trebling compared to the same period last year.

TheWorks said online fulfilment capacity has been expanded in the short term to help satisfy increased sales volumes and it is continuing to work closely with its third-party fulfilment partner to further increase capacity levels through peak trading over Christmas.

The group said it continues to have access to a £25m revolving credit facility and has "appropriate" liquidity in place.

"The board continues to be confident in The Works' proposition and the re-opening of its stores significantly improves its trading outlook.

"However, with the impact of social distancing on returning shoppers still unknown, it is not possible to provide meaningful guidance for the current financial year."

At 0930 BST, the shares were up 1.5% at 25.87p.

Shore Capital analysts Greg Lawless and Clive Black said: "Like all retailers, it remains to be seen what impact social distance guidance will mean for returning shoppers, so it not surprising to see no guidance for the current financial year."