Wickes hits record market share as H1 sales rise 5.6%
In addition, the group has continued to invest in its strategic growth, with five to seven new stores planned for 2025
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Wickes has “gone from strength to strength” in the first half of the year, with sales up by 5.6% year-on-year to £847.9m, as the group also hit a “record” market share.
Over the period, volume-led growth momentum was reported across all areas of the business, and retail sales rose by 6.8% to £634.4m.
In particular, it fulfilled strong customer demand across timber, garden maintenance and decorating, which saw it widen its market share to “record levels”. Within Retail, the TradePro performance remained strong, with sales up 10% year-on-year while members grew by 14% to 615,000.
In Design and Installation, there was a return to like-for-like sales growth in Q2, which led to Design and Installation sales improving by 2.1% year-on-year to £213.4m.
In addition, the group has continued to invest in its strategic growth, with five to seven new stores planned for 2025. Four of the openings in its 2025 new store pipeline are former Homebase stores, of which the first opened in Leeds Moor Allerton in June and the second in Bury St Edmunds in July.
It has also continued its refit programme, with one store refitted over the period, and around 82% of its store estate is now in the new format, with a further three refreshed. In addition, it has increased its investment in technology to enhance the customer experience and support productivity initiatives.
Looking ahead, Wickes said actions it has taken to invest in growth levers and digital initiatives have “set us up well for a successful 2025”, and it remains happy with current expectations for full-year profit-before-tax.
David Wood, CEO of Wickes, said: “In the first half of the year we have gone from strength to strength, with increased sales and record market share.
“Retail sales have grown again, driven by volumes, as more people shop with us, both in-store and online. In Design and Installation, the actions we took to improve the customer proposition are driving project order volumes and as a result we have returned to sales growth.”
He added: “The continued investment in our growth levers underpins our market outperformance and leaves us well placed for the future as we target further profitable growth and value creation for shareholders.”
