Wickes' full year results show impact of 'challenging' DIY market
Travis Perkins has reported that full year revenues at its Wickes chain have declined by 2.5% and by 4.4% on a like-for-like basis after it faced a "challenging" DIY market.
The company also said trading in the year to 31 December was impacted by poor weather conditions in March and April, which included the key Easter trading period.
Kitchen and bathroom showroom sales were hardest hit in the first half of the year with sales down 10% in the period, although trading improved in the company’s fourth quarter.
Wickes’ adjusted operating profit fell by 19% in the year, but this was split between a 39% decline in the first half followed by 15% growth in the second half of the year.
Meanwhile, Toolstation UK revenue grew by 18% in the year with like-for-like sales climbing by 11.4%. The increases were driven by a bigger store network, existing stores continuing to mature, and through extended ranges being made available to customers on a next-day basis.
As expected, adjusted operating profit at Toolstation was broadly flat year-on-year after additional volume growth was offset by investment in new stores and a distribution centre.
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