Wickes retail sales grow against a ‘challenging background’ even as the group struggles

For the six months ending June 29, 2024 Wickes reported a 1% growth in retail revenue to £633.2m and a 0.6% increase in like-for-like revenue growth. By comparison, revenues in its design and installation business plummeted 17% to £166.7m, while like-for-likes plunged 18.3%.

Group revenues slipped 3.4% to £799.9m, with like-for-likes down 3.9% on the previous year.

Wickes said that TradePro sales continue to perform strongly, up 14% in the half, “reflecting a healthy pipeline of work for local trade professionals and continued sign-ups” for the scheme.

Active TradePro members increased 18% year on year to 541,000 in the period, although DIY sales remained in “moderate decline” as customers “continue to focus on smaller projects”.

Wickes said the Solar Fast acquisition completed on May 21 and it has begun rolling out Solar Fast point-of-sale assets in 50 of its stores and on its website.

The brand opened two new stores in the half, refitted three stores and has a net cash position at the half year of £151.5m.

Its overall adjusted profit outlook for the year remains unchanged, despite the continued uncertain trading environment.

Chief executive of Wickes David Wood said: “Our excellent value and service-led offer gives DIYers and tradespeople reason to keep coming back to Wickes. Against a challenging trading backdrop, we have grown volume and taken further market share in retail, with our TradePro scheme continuing to show strong momentum as local trade professionals turn to Wickes to save them time and money.

“We’re seeing good demand for our lower-priced Wickes Lifestyle Kitchens, reflecting customers’ desire for quality and value. We continue to invest in our growth levers and are particularly excited about the recent acquisition of Solar Fast.”