Wickes reiterates FY profit guidance following strong Q3 retail performance

22nd Oct 2024 08:02

(Sharecast News) - Home improvement retailer Wickes said on Tuesday that its full-year profit outlook remains unchanged following stronger sales and volume growth in its retail unit.

Wickes said retail revenues were up 2.2% year-to-date at £945.3m, while design and installation revenues fell 14.1% in the nine months ended 28 September to £245.9m. Total group revenues were 1.6% weaker at £1.19bn.

The London-listed group said retail sales delivered "good growth" in Q3, with market share growth being "particularly strong" in the quarter, driven by volume, with selling price deflation of around 2%.

Wickes also said trading in Q3 benefitted from customers catching up on outdoor projects delayed by the wet weather during spring and early summer. However, it expects this pent-up demand to subside in Q4.

Chief executive David Wood said: "Our excellent value and service-led offer keeps home improvers coming back to Wickes. We've seen pleasing further progress in Retail, successfully growing volumes and increasing market share, driven by a particularly strong performance in TradePro. We remain on track for the full year and are well positioned for 2025 and beyond."

As of 0940 BST, Wickes shares were up 0.37% at 162.80p.

Reporting by Iain Gilbert at Sharecast.com