StockMarketWire.com - Retailer The Works said total revenue increased by 5.4% year-on-year in the 26 weeks to 27 October 2019, but when including the prior year mega trend like-for-like sales fell 3.6%.

It in half-year trading update, the retailer announced it was taking a 'more cautious view' on trading ahead of the Christmas trading period and that the board now expects full-year profit before tax to be significantly below current market expectations.

During the 26-week period, the retailer undertook increased promotional activity and also increased its focus on costs against the 'challenging consumer backdrop'.

The company's store roll out strategy has progressed, with net 28 store openings in the first half of the year and it remains on track to deliver a net 50 new store openings for the full year.

Group chief executive Kevin Keaney said: 'The consumer environment has remained challenging and we have been trading against strong comparators given last year's mega trend. We have responded decisively to minimise the impact to our performance and are benefiting from easier comparators in the second half.'

At 9:45am: [LON:WRKS] Theworks.co.uk Plc Ord 1p share price was -33.45p at 43.8p



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