Arts and crafts chain The Works has seen sales increase in the past six months despite the cost of living crisis, carried by a “record” ‘back to school’ season.
Brits splashed the cash on new stationary for their children this year, according to The Works’ latest trading update.
The cost of living crisis does not appear to be weighing on ‘back to school’ spend, schooling in the UK now free of successive lockdowns.
Sales at the high street retailer rose by more than two per cent in the six-month period.
Despite the growth, the company said it remains “cautious with regard to how consumer spending might be affected by external factors such as higher inflation and interest rates during the key Christmas season and the remainder of this financial year.”
Bosses at the company have kept their expectations for the full year in place.
“Although it is very difficult to predict what Christmas will look like this year, we believe that the great products and fantastic value we offer will be more important than ever, with families still looking to celebrate Christmas but in a more affordable way,” CEO Gavin Peck said in a statement.
“The Works has proven itself to be a resilient business and we remain confident in our ability to make progress on our strategy and deliver growth in the medium term, supported by a robust balance sheet.”
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