News comes after the retailer issues its trading update for the 53 weeks ended 5 May, showing a total revenue growth of 0.9%.
In January, the company announced that the business had pivoted to focus on stabilising profitability by improving margins and reducing costs. This included transferring The Works from its main market listing to AIM, which has a more flexible regulatory environment and will result in a significantly lower audit fee.
It also ended its loyalty scheme to focus on maintaining everyday affordable prices and improved product margins through negotiations with suppliers and optimised promotional activity.
Most of the benefits from this activity are expected in FY25, but the company has already started to deliver improved margins and lower costs in Q4 of FY24.
Gavin Peck, chief executive officer of The Works, commented: “We are pleased to have finished FY24 in line with market expectations, which reflects action taken to reset our cost base and improve margins, supported by improving store sales in the final quarter. Significant changes implemented across the business make us well-placed to offset cost headwinds and we expect to return to profit growth in FY25.”
