Wickes saw a significant improvement in the performance of its core retail business during the third quarter after benefitting from consumers catching up on outdoor projects delayed by the wet weather during the spring and early summer.
Retail like-for-like sales in the period to 28th September were up 4.2%, compared to a drop of 0.2% in the previous quarter. However, the home improvement chain noted that it expects the recent pent-up demand to subside in the final quarter of the year.
Wickes highlighted that its TradePro business performed particularly well during the last period, with sales up 16% year-on-year. However, DIY sales remained in “moderate decline” as customers continued to focus on smaller projects.
Amid challenging market conditions for larger ticket purchases, Wickes’ design and installation business saw like-for-like sales decline by 13.3%. However, this was an improvement on the drop of 18.9% in the previous quarter.
Overall group revenue rose 2.1% on a reported basis to £391.3m, with like-for-likes edging up 0.4%.
Wickes stated that given current trading, it remained comfortable with market expectations for adjusted pre-tax profit for its full year.
Chief Executive David Wood concluded: “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.”
