Wickes reiterates full-year outlook despite sales slide

1st May 2024 09:17

(Sharecast News) - Wickes Group left its full-year outlook unchanged on Wednesday, despite "challenging" market conditions hitting sales in its design and installation business.

Updating on first-quarter trading, the home improvement retailer said trends seen at the end of 2023 had continued into the current year.

While volumes improved in retail, with like-for-like sales up 0.6% in the first 16 weeks, they slid 18.2% in design and installation. As a result, group like-for-like sales fell 4.2%.

However, the firm left its full-year outlook unchanged, noting: "While the trading environment remains uncertain, given the solid start to the year in retail and our continued focused on costs, the overall outlook for adjusted profits before tax for 2024 remains changed."

David Wood, chief executive, said: "We have been encouraged that DIYers and local trade professionals continue to turn to Wickes as a brand they trust...and as a result we have once again grown market share.

"Looking ahead, we continue to invest for future growth with our programme of store refits, new store openings and investment in both technology and [solar panel installation business] Solar Fast, building an even stronger Wickes for the future."

As at 0915 BST, shares in Wickes were down 2% at 143p.