The Works lowers guidance despite sales growth amid ‘challenging’ conditions

The Works has dropped its profit guidance by £4m as it warned on challenging and uncertain market conditions, citing high inflation and low consumer confidence. 
In the first half of FY24, the value retailer delivered total sales growth of 3.4% as a total like-for-like sales rose 1.6%.
Store like-for-like sales also increased by 3.5%, but online sales slipped 12.2%.
The business anticipates that trading conditions during the second half of the year” will remain challenging