Wickes reiterates FY profit guidance following strong Q3 retail performance
Wickes Group
162.40p
11:50 22/10/24
Home improvement retailer Wickes said on Tuesday that its full-year profit outlook remains unchanged following stronger sales and volume growth in its retail unit.
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Wickes said retail revenues were up 2.2% year-to-date at £945.3m, while design and installation revenues fell 14.1% in the nine months ended 28 September to £245.9m. Total group revenues were 1.6% weaker at £1.19bn.
The London-listed group said retail sales delivered "good growth" in Q3, with market share growth being "particularly strong" in the quarter, driven by volume, with selling price deflation of around 2%.
Wickes also said trading in Q3 benefitted from customers catching up on outdoor projects delayed by the wet weather during spring and early summer. However, it expects this pent-up demand to subside in Q4.
Chief executive David Wood said: "Our excellent value and service-led offer keeps home improvers coming back to Wickes. 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."
As of 0940 BST, Wickes shares were up 0.37% at 162.80p.
Reporting by Iain Gilbert at Sharecast.com