Wickes maintains FY guidance as it increases market share

Wickes has said it is on track to meet its FY guidance, expecting an adjusted pre-tax profit of £45.3m to £49m for FY24, as its market share grew and like-for-like sales inched up 1.1% in Q3.

This is despite a 0.2% decline that was attributed to negative 4.4% growth in ‘do it for me’ sales during the quarter.

The DIY retailer saw growth in volume for the first time since Q2 of 2021, while TradePro sales also continued to show double digit growth during the period, with the customer base continuing to grow strongly. 

Despite core market shares improving in Q3, particularly in decorative, tiling and insulation, DIY sales remained “moderately” down on the prior year. 

According to the retailer, selling price inflation was broadly flat and it expects it to continue for the remainder of the year and into 2024. Nevertheless, its relative price position remains strong. 

Wickes also revealed that it experienced some delays to delivered sales due to the transition to a new software solution fulfilling customer orders. Though it is taking steps to resolve it, this transition may still have an impact on Q4 delivered sales, which will fall into FY24. 

During Q3, Wickes completed one refit and opened a new store in Chelmsford. 

For Q4, two new stores have already opened – Widnes in mid-October and Torquay today (3 November) – and there will be four further refits. 

David Wood, chief executive of Wickes, said: “Once again thanks to our amazing colleagues we have delivered a solid performance in a challenging market as we continue to deliver against our strategic growth drivers. 

“As we continue to rollout our programme of store openings and refits, I am confident that we have the right product offer and the most attractive locations – enabling us to deliver value for customers and shareholders.”