Wickes has reported strong first-half sales as it continued to benefit from the trend of people improving their homes during the pandemic.
Over the six months period to 26 June, the DIY chain saw its like-for-like sales jump 33.1% on weak comparatives with last year when its stores were temporally closed. However, on a two-year basis prior to the pandemic, sales were still up 22.4%. This followed an acceleration to 47.6% in the second quarter as lockdown restrictions eased and its in-store kitchen and bathroom showrooms re-opened.
In the brief trading update, Wickes stated that its first-half guidance of around £45m adjusted pre-tax profit remained unchanged. The business said it was still watchful of ongoing Covid impact and the wider economic environment, but its outlook for the full year was still in line with its expectations.
David Wood, CEO of Wickes commented: “We are managing to navigate inflationary pressure and industry wide raw material constraints by working closely with our suppliers, and we remain on track to continue to grow in a responsible and sustainable way, providing our customers with the products they need at the best possible value.”
The company’s full interim results are due to be released on 16 September.
NAM Implications:
- Key is how your Wickes sales compared.
- Also key is how long the company can mitigate (inevitable) inflationary pressures.
