Wickes delivers sales and volume growth in retail business
Home improvement retailer Wickes has said it delivered continued sales and volume growth in its retail business in the first half of 2024.
In the six months to 29 June, like-for-like sales edged up 0.6% while revenue grew by 1% to £633.2 million.
However, revenue in Wickes’ design & installation business fell by 17% to £166.7 million as like-for-like sales declined by 18.3% due to the impact of challenging market conditions.
Within retail, TradePro sales continued to perform well with an increase of 14% in the half year. Wickes said the business had benefited from a healthy pipeline of work for local trade professionals and continued sign-ups to its TradePro scheme.
The results meant that overall group revenue declined by 3.4% to £799 million in the period.
In May, Wickes completed its acquisition of a 51% stake in the Solar Fast solar installation company and has recently rolled out Solar Fast point-of-sale assets in 50 of its stores. It also opened three new shops in Long Eaton and Durham.
David Wood, chief executive of Wickes, said: “Our excellent value and service-led offer gives DIYers and tradespeople reason to keep coming back to Wickes.
“Against a challenging trading backdrop, we have grown volume and taken further market share in retail, with our TradePro scheme continuing to show strong momentum as local trade professionals turn to Wickes to save them time and money.
“We’re seeing good demand for our lower-priced Wickes Lifestyle Kitchens, reflecting customers’ desire for quality and value. We continue to invest in our growth levers and are particularly excited about the recent acquisition of Solar Fast.”
