Wickes has upped its full-year profit guidance following a solid performance in its fourth quarter to date.
In a brief trading update, the home improvement retailer said it has benefited from its balanced business model in the period, with sales in line with expectations.
As expected, sales in Wickes’ core categories are currently lower year-on-year against tough comparatives with bumper trade in 2020, but are ahead on a two-year basis. However, margins have come in better than expected due to the retailer being able to mitigate pressures resulting from rising inflation and freight costs.
As a result, Wickes now expects its annual adjusted pre-tax profit to be no less than £83m.
David Wood, chief executive of Wickes, said: “This has been a period of further progress for Wickes, where our focus on value, stock availability and exceptional service have underpinned our customer offer.”
Looking ahead, Wickes stated that the trading environment continues to remain uncertain.
Wood added: “Our forward planning and early strategic decisions have resulted in an improved profit performance, and we continue to navigate inflationary pressures and raw material constraints well.
“Clearly, this remains a time of uncertainty, however our differentiated business model leaves us well-placed to continue to outperform within a large and growing home improvement market.”
