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Wickes upgrades profit guidance for 2021

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 here

 

Here 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 – 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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