Wickes hails ‘encouraging’ first half, announces £25m share buyback

Wickes announced a £25m share buyback programme on Tuesday as it reported an improvement in second-quarter trading and backed its expectations for the year.

The retailer posted like-for-like sales growth of 3% for Q3. It also said that group LFL sales for the first half were up 0.7% year-on-year, despite "a challenging consumer environment".

Wickes said core LFL sales ticked up 2.3% in the second quarter, with categories such as decorative and construction performing well and outdoor projects benefiting from a normalisation of weather patterns. Click and collect sales performed particularly well, it said, up 5.6%, reflecting service improvements.

Chief executive David Wood said: "This has been an encouraging first half where we have again seen the benefits of our uniquely balanced business model delivering well for customers. Our performance has been underpinned by further momentum in trade, as local traders continue to turn to Wickes to save them time and money, an improving trend in DIY, and a good performance in Do-It-For-Me.

"As we continue to make progress across our strategic growth drivers, we are confident in the group’s prospects for both the remainder of this year and the longer term."

Wickes announced the launch of a £25m share buyback programme, which will begin "as soon as practically possible".