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.
Never Miss a Retail Update!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.”
