Wickes holds firm on outlook despite dip in DIY sales

Wickes posted a 4.2% dip in group like-for-like sales for the 16 weeks to April 20, 2024.

Despite this, retail sales at the home & DIY retailer were up 0.6% for the period, which Wickes said was driven by volume, with an increased number of transactions, as prices saw “mild deflation”.

Wickes said this demonstrates the “continued appeal of Wickes’ great value and service-led proposition” as it posted a fourth consecutive quarter of like-for-like growth across its retail sales.

Market share continued to grow during the period and TradePro sales were also up 12%, demonstrating “healthy order books for local trade professionals”, as well as growth in the retailer’s customer base.

Wickes said the start of the year has seen a “continuation of trends” from the fourth quarter last year as its design and installation arm sales dropped by 18.2%.

But while DIY sales remained in “moderate decline”, interior paint sales increased 13% year on year, which Wickes credited to customers’ continued enthusiasm for home improvements and “smaller projects”.

Growing market share

The company has maintained its full-year profit guidance, despite trading in an “uncertain” environment.

Wickes chief executive David Wood said: “In the first few weeks of 2024, we have been encouraged that DIYers and local trade professionals continue to turn to Wickes as a brand they trust for great value and service and as a result, we have once again grown market share.

“Although the market for larger ticket items remains subdued, we have seen strong sales growth in our Wickes Lifestyle Kitchens, which match customer demand for quality with great value.

“While the external environment remains uncertain, our overall profit expectations for the full year remain unchanged. Looking ahead, we continue to invest for future growth with our programme of store refits, new store openings and investment in both technology and Solar Fast, building an even stronger Wickes for the future.”