Wickes announces fall in overall sales, guidance unchanged
Retail sales rose by 0.6 per cent in the period, making it a year of positive retail sales growth for Wickes. The group said retail sales were driven by increased transactions rather than inflationary prices.
Home improvement retailers Wickes have announced a 4.2 per cent fall in sales for the for the 16 weeks to 20 April 2024, driven by an 18.2 per cent fall in installations.
Retail sales rose by 0.6 per cent in the period, making it a year of positive retail sales growth for Wickes. The group said retail sales were driven by increased transactions rather than inflationary prices.
The profit outlook for the full year remained unchanged.
“In the first few weeks of 2024 we have been encouraged that DIYers and local trade professionals continue to turn to Wickes as a brand they trust for great value and service and as a result we have once again grown market share,” chief executive officer of Wickes, David Wood, said.
“Although the market for larger ticket items remains subdued, we have seen strong sales growth in our Wickes Lifestyle Kitchens, which match customer demand for quality with great value,” Wood continued.
The company noted that the economic environment continued to be challenging.
Trade sales were a boon for the company, with TradePro sales up 12 per cent in the last three months, “reflecting healthy order books for local trade professionals and continued growth in the customer base”, the company said.
DIY sales were in “moderate decline” over the period, as consumers “focus[sed] on smaller projects”, the company said.
“While the external environment remains uncertain, our overall profit expectations for the full year remain unchanged,” Wood said.
“Looking ahead, we continue to invest for future growth with our programme of store refits, new store openings and investment in both technology and Solar Fast, building an even stronger Wickes for the future,” he added.
