Wickes sales rise driven by volume and market share growth

Wickes total revenue in the third quarter of the year improved 0.4% to £391.3m on a like-for-like basis while year-to-date sales fell 2.6% to £1.1bn.

Like-for-like retail sales in the quarter grew 4.2% to £312.1m, delivering growth in market share that has been particularly strong in Q3, driven by volume, with selling price deflation of around 2%. 

The retailer said trading “also benefitted from customers catching up on outdoor projects delayed by the wet weather during spring and early summer”, it expected this pent-up demand to subside in Q4. 

Sales from its design and installation business fell 13.3% on a like-for-like basis to £79.2m reflecting “the continued challenging environment for larger ticket purchases”.

Looking ahead the retailer said “given current trading, we remain comfortable with market expectations for adjusted profit before tax for 2024.  Wickes’ proven growth strategy and consistent market share gains position us well for faster growth as market conditions improve.”

David Wood, chief executive of Wickes, said: “Our excellent value and service-led offer keeps home improvers coming back to Wickes. We’ve seen pleasing further progress in Retail, successfully growing volumes and increasing market share, driven by a particularly strong performance in TradePro. We remain on track for the full year and are well positioned for 2025 and beyond.”