Wickes edges up FY guidance amid strong sales

Wickes Group has anticipated that its half-year profits will reach £45m and that its full year adjusted profits will range between £55m and £74m, following “better than expected” sales growth.

The news follows the retailer’s recent trading update for the 21 weeks to 22 May which saw total like for like group sales grow 45.7% during the period and by 23.1% on a two year basis.

Core sales were also ahead by 53.1% year on year and by 46.2% on a two year basis.

Trading proved to be strongest through April, driven by sales volumes in both local trade and DIY whilst trading in May settled back in line with expectations.

Following the re-opening of its “Do It For Me” showrooms on 12 April, the group was encouraged by its kitchen and bathroom leads and order pipeline, which is expected to deliver strong like-for-like sales growth in the second half of the year.

David Wood, CEO of Wickes, said: “At Wickes, we are here to help the nation feel house proud, and I am delighted with how the entire business has responded to the continued strong demand for our products and services.

“Availability constraints and inflationary pressures across some raw materials have been well-flagged, but we have strong supplier relationships and are working closely with them to ensure we continue to provide customers with the products they need at the best possible value.”