Wickes performance in line with expectations
Home improvement retailer has reaffirmed its full year guidance after trading in the year-to-date came in line with expectations.
In a trading update, the company said group like-for-like sales in the first 20 weeks of its financial year were down 0.6% on the same period in the prior year. While core like-for-likes fell by 7.2%, Do-it-for-me sales climbed by 30.9%. On a three-year basis, which compares with pre-Covid levels, total group sales were 22.4% ahead.
Wickes said its core sales are benefiting from continued buoyant demand from local trade customers. Participation in its TradePro scheme remains strong with over 40,000 customers added in the year to date.
Meanwhile, sales growth in the Do-it-for-me category was the result of a successful conversion of an elevated pipeline of orders and a strong winter sale.
David Wood, chief executive of Wickes, said: “This performance is testament to the strength of our uniquely balanced business – across Trade, DIY and DIFM – and it has been achieved against strong prior year comparatives. I am particularly proud of our long-term performance, with sales remaining significantly ahead of pre-lockdown levels.
“Our focus remains on providing our customers with the products and services they need at great value. Our commitment to exceptional value has proven particularly effective amongst our local trade customer base, who continue to turn to us at a time when their own order books are at record levels.”
Wickes said it managed inflationary pressures responsibly in the period whilst maintaining its price position.
Wood added: “Our growth levers are delivering strong returns and we are excited about our plans to optimise our store estate with refits and new stores. Looking ahead, while we remain mindful of the uncertain macroeconomic environment, we continue to be confident of the opportunities available to Wickes within the large and growing home improvement market.”
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