Wickes Q4 sales rise 11.5%, FY profit seen in line
By Michele Maatouk
Date: Tuesday 31 Jan 2023
(Sharecast News) - Home improvement retailer Wickes said on Tuesday that full-year profit was set to be in line with market expectations as it reported "strong" trading in the fourth quarter.
In the 13 weeks to the end of December, group sales rose 11.5%. Sales in the Do It For Me (DIFM) segment were particularly strong, up 34.5% on the same period a year ago, which was affected by Omicron.
Meanwhile, core LFL sales grew 5.2% in Q4, continuing the improving trend since the summer. Wickes said Local Trade sales performed strongly again, with the retailer's digital TradePro customer base ending the year at 746,000, up 18%.
DIY sales remain below last year, although they have stabilised towards the end of the quarter, thanks to sales of energy-saving products.
The company expects full-year adjusted pre-tax profit to be in line with the consensus range of between £72m and £76m.
Chief executive officer David Wood said: "With the increased cost of living and colder winter months we have seen more customers turning to Wickes for help to reduce their energy usage and bills. We're providing market-leading value on products, from loft insulation through to draught excluders, and customers are visiting our online Sustainable House Guide for great hints and tips on how to reduce energy and cut back on costs.
"Wickes continues to demonstrate the strength of its uniquely balanced business model. We remain focused on our growth levers to ensure that we continue to outperform the market."
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