LONDON (ShareCast) - (Sharecast News) - Wickes, which recently demerged from Travis Perkins, confirmed its full-year profit guidance on Wednesday despite inflationary headwinds, as it reported a dip in third-quarter sales.

Total like-for-like sales fell 1.6% compared to 2020, which benefitted from an uptick in DIY due to Covid restrictions. On a two-year basis, however, sales were 16.3% higher.

"Core sales were supported by strong performance in local trade, where home renovations continue to drive robust order books for our trade customers," it said.

"Wickes operational strengths meant supply shortages had no material impact on sales in the period. As reported across the industry, we have seen price inflation accelerate, and we continue to manage this responsibly by focusing on cash margin recovery while maintaining our leading price position."

Wickes said the outlook for full-year adjusted pre-tax profit remains in line with its expectations and the guidance given at the interim results. The company said in September that it expects adjusted pre-tax profit to come in towards the upper end of analyst expectations of between £67m and £75m, assuming no further significant changes due to Covid disruption.

Chief executive officer David Wood said: "This resilient performance has been underpinned by our digitally-led and service-enabled customer proposition, while our agile business model has enabled us to continue to navigate inflationary pressures and raw material constraints well.

"We are well-placed within a large and growing home improvement market, and look to the future with confidence. I would like to thank all of my colleagues for their hard work and support as we continue to help the nation feel house proud."

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