Wickes reports modest third quarter sales with 2023 expectations ‘on track’

Wickes has announced it is on track to meet full year expectations despite reporting weak sales growth in the 13 weeks to 30 September.

The home improvement retailer said based on trading to the end of October, it “remained comfortable” with current market consensus for pre-tax profits in for the full year profits of £45.3 million to £49 million.

Core sales grew 1.1 per cent in Wickes’ third quarter results. The company reported growth in volume for the first time since the second quarter of 2021 – versus 4.4 per cent and 2.3 per cent in the first and second quarter respectively.

Sales in Do-It-For-Me (DIFM), the company’s kitchen and bathroom showroom segment, dipped by 4.4 per cent yet marked an improvement from 5.3 per cent and 6.2 per cent declines in the year’s previous quarters.

Wickes said this result was partially driven by a “more normalised order book compared with the first half” and suggested it was also influenced by “delays to delivered sales as a result of the transition to a new software solution fulfilling customer orders.”

“Once again thanks to our amazing colleagues we have delivered a solid performance in a challenging market as we continue to deliver against our strategic growth drivers,” said Wickes chief executive David Wood.

“In our core business we have gained further market share and achieved a return to volume growth. We have fulfilled strong demand from our trade customers and been encouraged by greater stability in DIY.”

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