Wickes sales increase as growth strategy pays off

In a trading update for the 26 weeks to July 2023, Wickes reported a sales growth of 0.7% to £827.7m primarily driven by sales of its kitchen and bathroom showroom business called Do It For Me (DIFM).

Like-for-like sales were down 0.8% with growth in the second quarter as weather patterns normalised while DIFM sales were up 5.8%.

The home and DIY retailer reported an adjusted profit before tax of £31.1m down 24.7% from £41.3m during the same period last year.

Wickes said it continues to “expect full-year adjusted profit before tax in line with market consensus”. 

Wickes chief executive David Wood said: “This was another positive period for the business, underpinned by the strength of our balanced business model and outstanding customer service delivered by our colleagues.

“We achieved a sales uplift and strong conversion rates in DIFM, while delivering another strong performance in local trade due to our market-leading value on the lines that matter most.

“As we head into the autumn, we are well-stocked with our extensive range of energy-saving products, as we look to support our customers in insulating their homes. While we remain mindful of the external environment, we are seeing customers turn to Wickes for our great value proposition.

“We are well on track for the remainder of the year and we have the right strategy in place to make further market share gains within the large home improvement sector.”