Wickes has raised FY2021 adjusted profit before tax (PBT) guidance to no less than £83m (previous guidance was £67-£75m). No sales figures were provided for Q3 and Q4, saying "Do It For Me (DIFM) are strengthening as we work through an elevated order pipeline", and "Core sales are lower year-on-year against tough comparatives, remaining materially ahead on a two-year basis". On sales::
- We "continued to perform well in the fourth quarter to date, benefitting from our balanced business model, with sales in line with expectations".
- "Delivered sales in Do It For Me (DIFM) are strengthening as we work through an elevated order pipeline".
- "We expect a higher carry over order book in DIFM, supported by continued strong sales which will benefit the first half of FY2022".
- "Core sales are lower year-on-year against tough comparatives, remaining materially ahead on a two-year basis driven by ... local trade underpinned by our digital TradePro loyalty scheme".
On margin:
- "Our agile business model and strong supplier relationships have resulted in a better than expected margin performance".
- "We have been able to mitigate the pressures resulting from rising inflation and freight costs".
David Wood, CEO of Wickes commented: “Our forward planning and early strategic decisions have resulted in an improved profit performance, and we continue to navigate inflationary pressures and raw material constraints well. Clearly, this remains a time of uncertainty, however our differentiated business model leaves us well-placed to continue to outperform within a large and growing home improvement market.”read the update hereHere is a reminder of Wickes' first half results :
About Wickes
- Wickes is a digitally-led, service-enabled home improvement retailer, delivering choice, convenience, value and best-in-class service to customers across the United Kingdom, making it well placed to outperform its growing markets.
- In response to gradual structural shifts in its markets over recent years, Wickes has a balanced business focusing on three key customer journeys - LocalTrade, DIY (together “Core”) and Do It For Me (“DIFM”).
- Wickes operates from its network of 232 right-sized stores, which support nationwide fulfilment from convenient locations throughout the United Kingdom, and through its digital channels including its website and TradePro mobile app for trade members.
