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Wickes backs full year profit guidance after ‘stable’ third quarter

DIY retailer Wickes has backed its full year profit guidance after posting third quarter sales growth of 2.6%. In the 13 weeks to 1 October, like-for-like… View Article

HOME AND DIY RETAIL NEWS

Wickes backs full year profit guidance after ‘stable’ third quarter

DIY retailer Wickes has backed its full year profit guidance after posting third quarter sales growth of 2.6%.

In the 13 weeks to 1 October, like-for-like sales in its core DIY categories were flat year-on-year but 27.3% ahead on a three-year basis. The retailer said sales have strengthened since the beginning of September following the negative impact of the hot weather in July and August.

Meanwhile, like-for-like delivered sales in the “Do-it-for-me” category were 12.2% up compared to the same time last year. However, new orders were down in the third quarter due to customers taking longer to commit to big ticket projects.

Following what it described as a stable third quarter performance, Wickes said it continues to expect full year adjusted pre-tax profit to be in the range of £72 million to £82 million.

David Wood, chief executive of Wickes, said: “This has been a period of further progress across all parts of the business, with customers and tradespeople continuing to come to Wickes on the strength of our value, availability and service.

“While we are watchful of external headwinds, we are continuing to focus on our growth levers and on maintaining rigorous control of our costs. Our uniquely balanced business model leaves us well placed to continue to outperform the market.”

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