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”.
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”.
“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.”
Here is a reminder of Wickes’ first half results :
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 – Local
Trade, 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.
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