TheWorks.co.uk (WRKS) Q4 2026 TU earnings summary

Executive summary

• Achieved significant progress in FY26, with Adjusted EBITDA surpassing market expectations and strong sales growth across all product categories.

• Outperformed the broader UK non-food retail market, particularly in Q4, driven by the brand's relevance and the closure of the online channel.

• Implemented a new store-focused trading model and continued store optimisation, ending the year with 508 stores.

Financial highlights

• Total revenue reached approximately £260m, up 3.2% year-over-year (FY25: £252m).

• Like-for-like sales increased 3.3% for FY26, with Q4 LFL up 5.3%.

• Product margin improved by 240bps year-over-year due to better supplier negotiations and stock control.

• Pre-IFRS 16 Adjusted EBITDA expected at £14.0m, a 47% increase from FY25 and above market expectations.

• Net cash position at year-end was £3.6m, exceeding expectations.

Outlook and guidance

• Plans to open ten net new stores in FY27 and target further product margin growth and cost efficiencies.

• Board confident in achieving upgraded FY27 guidance and medium-term EBITDA goal of at least £22.5m in FY30.

• FY27 Pre-IFRS16 Adjusted EBITDA guidance is £15.0m.