Business
COVID-19 Update
COVID-19 Update.
About this update from Theworks.co.uk Plc
[{"type":"text","content":"\n \n \n RNS Number : 2159H\n TheWorks.co.uk PLC\n 23 March 2020\n \n \n \n \n 23 March 2020\n \n \n \n \n \n TheWorks.co.uk plc \n \n \n COVID-19 Update\n \n \n \n \n \n TheWorks.co.uk plc (\"The Works\", the \"Company\" or the \"Group\"), the multi-channel value retailer of gifts, arts, crafts, toys, books and stationery, announces an update regarding COVID-19.\n \n \n \n \n \n Trading in the nine weeks since the Group's last update on Thursday 16 January 2020 to Sunday 15 March 2020 had been strong, with LFL sales growth of +2.9%. This strong growth was delivered across both stores and online.\n \n \n \n \n \n Last week, despite declining high street footfall, the Group experienced a significant uplift in sales, both in stores and online, as customers demanded products to support with their child's ongoing education, mindfulness material to support mental health or products to \"beat the boredom\" during this period of social distancing. \n \n \n \n \n \n The Group has been monitoring the rapidly changing situation and guidance closely with the key priority at present being the health and wellbeing of its colleagues, customers and wider communities. To date, the Group has continued to follow the Government's advice and kept its stores trading. However, to encourage social distancing for the safety and wellbeing of its colleagues, customers and the wider community the Board has taken the decision to close all of its stores as of tonight. The Group's website, \n \n www.theworks.co.uk\n \n , will continue to trade as normal unless further restrictions are put in place by the Government to restrict the movement of people and/or goods.\n \n \n \n \n \n The Group has always maintained a prudent approach to costs, however, it is now taking a number of additional temporary measures to help manage its cost base and cashflows during this challenging time. These measures include:\n \n \n · \n All non-essential capital investment has been temporarily suspended, including the new store rollout programme (with the exception of a small number of stores where we are legally committed);\n \n \n · \n All discretionary operational expenditure, such as store point of sale and marketing spend and travel costs will be managed to minimum spend levels;\n \n \n · \n Discussi...