Wickes says trading in line, backs full-year guidance
By Michele Maatouk
Date: Thursday 26 May 2022
(Sharecast News) - DIY retailer Wickes backed its full-year guidance on Thursday as it said trading in the year to date had been in line with expectations.
In an update ahead of its annual meeting, the company - which was spun off from Travis Perkins - said group like-for-like sales in the first 20 weeks were down 0.6% versus the previous year, with core LFL sales 7.2% lower. However, delivered Do It For Me (DIFM) sales jumped 30.9%.
On a three-year basis, which compares with pre-Covid levels, total group sales were up 22.4%.
Wickes highlighted buoyant demand in Local Trade, with trade customer order books remaining at record levels. In addition, it said participation in its TradePro scheme remains strong and that it had added more than 40,000 customers in the year to date.
"Like many businesses, we have seen inflation continue during the period, and we are managing this responsibly while maintaining our leading price position," it said.
As far as DIFM sales are concerned, it said growth resulted from the successful conversion of the elevated pipeline of orders at year end and a strong winter sale.
Chief executive David Wood said: "I am delighted to report continued momentum, and a promising start to the year where we continue to take market share. This performance is testament to the strength of our uniquely balanced business - across Trade, DIY and DIFM -and it has been achieved against strong prior year comparatives.
"I am particularly proud of our long-term performance, with sales remaining significantly ahead of pre-lockdown levels."
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