Hobby retailer The Works has enjoyed a jump in sales since 2020 but warned it has begun to feel the effects of a slowdown in consumer spending in recent months. The business has bounced back from the lockdown slump with total sales rising 12.7% in the 12 months to May compared to the 2020 financial year. The retailer has 525 stores across the UK. It has profited from the "BookTok" phenomenon which brought together book lovers on social media platform TikTok. Branded toys and games have also boosted sales with ranges of Peppa Pig, Paw Patrol and Cocomelon flying off the shelves. But the typical post-Christmas slowdown has been made worse by the recent surge in the cost of living and the budget seller believes people are already cutting back on non-essential spending. Recommended Boris Johnson news: Partygate probe ends with 126 fines Brexit has increased risk of danger foods reaching UK, watchdog warns Official data released on Friday show that retail sales have dropped over the three months to the end of April, despite a boost last month. Rising inflation and interest rates have squeezed households' disposable income and this is starting to have an impact on the high… Read full this story
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