Wickes revenue boosted by pent-up demand
Wickes has delivered an improvement in sales and volume growth in its retail business, with like-for-like sales up 4.2% in its third quarter.
This compares to a drop of 0.2% in the second quarter of the year.
The home improvement retailer said trading in the 13 weeks to 28 September benefitted from customers catching up on outdoor projects delayed by the wet weather during the spring and early summer, although it expects the pent-up demand to subside in the current quarter.
Wickes’ TradePro business performed particularly well in the period with sales up 16% year-on-year.
Meanwhile, DIY sales remained in moderate decline as customers continued to focus on smaller projects.
Despite challenging market conditions for larger ticket purchases, Wickes’ design and installation business for kitchens and bathrooms stabilised with third quarter like-for-like sales declining by 13.3% following a drop of 18.9% in the previous quarter.
Meanwhile, overall group revenue edged up 0.4% on a like-for-like basis to £391.3 million.
Given current trading, Wickes said it remains comfortable with market expectations for adjusted pre-tax profit for its full year.
David Wood, chief executive of Wickes, added: “We’ve seen pleasing further progress in retail, successfully growing volumes and increasing market share, driven by a particularly strong performance in TradePro.
“We remain on track for the full year and are well positioned for 2025 and beyond.”
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