Wickes anticipates that full year profit will be at top end of analysts’ expectations
DIY retailer Wickes has said it is now expecting its full year adjusted pre-tax profit to come in at the top end of analysts’ expectations following strong sales growth in the year to date.
In a trading update, the retailer said total like-for-like sales climbed by 45.7% year-on-year in the 21 weeks to 22 May and by 23.1% on a two-year basis against the equivalent period in 2019.
Within its core sales categories, like-for-like sales were ahead by 53.1% year-on-year and by 46.2% on a two-year basis.
Trading was particularly strong in April, although sales in May settled back in line with expectations.
Following the reopening of its Do It For Me showrooms after the easing of Covid-19 lockdown restrictions on 12 April, the retailer has been encouraged by its kitchen and bathroom leads and order pipeline, which it expects to deliver strong like-for-like sales growth in the second half of the year.
Due to the better than expected core sales growth, Wickes is now anticipating that its half year adjusted pre-tax profit will come in at around £45 million and that its full year adjusted pre-tax profit will be within the top half of the range of analyst expectations, which is currently £55 million to £74 million.
David Wood, chief executive of Wickes, said: “At Wickes, we are here to help the nation feel house proud, and I am delighted with how the entire business has responded to the continued strong demand for our products and services. Availability constraints and inflationary pressures across some raw materials have been well-flagged, but we have strong supplier relationships and are working closely with them to ensure we continue to provide customers with the products they need at the best possible value.”
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