New CEO for The Works after ‘record’ Christmas sales
Gift and crafts retailer The Works has reported ‘solid’ like-for-like sales in its latest trading update as well as the appointment of a new CEO.
In the 11 weeks up to January 13, the firm saw a like-for-like sales growth of 1.5 per cent both in stores and online.
The firm reported a ‘record’ Christmas sales performance, despite what the firm called a “difficult consumer backdrop”.
Gavin Peck, CEO of The Works, commented: “I am pleased to report that the Company delivered a solid performance during the key Christmas trading period with like-for-like sales up 1.5%. This was driven by growth in both stores and online.
“However, to ensure we are well placed to deliver profitable growth in the medium-term we have taken action to refocus our strategy by opening fewer new stores, with a view to driving improved performance in our existing estate and increasing our focus on cost savings.”
The trading update comes as Kevin Keaney has stepped down as CEO, with Gavin set to lead the company through its next phase of development.
Commenting on his appointment, Gavin added: ““I am delighted to be taking on the role of CEO. The Works is a great business with fantastic colleagues providing a compelling and differentiated offering for our customers.
“Building on the company’s established foundations, I look forward to leading The Works in its next phase and creating value for all of our stakeholders.”
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