In its Q3 report for 2024, Wickes announced an improvement in like-for-like (LFL) revenue growth results for its Design & Installation business. The decline has slowed down from -18.9% in the previous quarter to -13.3%. Along with an overall group revenue growth of 2.1%, the results presented below suggest a cautious optimism for future growth.Financial highlights in Q3:
- £391.3m group revenue delivered in 13 weeks prior to 28th September
- 1% increase in overall group revenue compared to the previous year (-3.6% in Q2)
- 2% LFL sales growth in Retail (0.2% in Q2)
- LFL sales decline going down to -13.3% in Design & Installations (-18.9% in Q2)
- 16% increase in TradePro sales year-on-year (YoY)
As a part of the wider industry, Wickes has faced several challenges in the retail landscape, including a decline in DIY sales and a tough environment for larger purchases in its Design & Installation segment. Despite these hurdles, the company has achieved notable growth in Q3, particularly within its TradePro membership, which saw a 16% YoY increase in sales and 18% YoY growth in numbers of active members. Additionally, investment in new store openings and refits has strengthened its market presence, with c. 79% of the store estate now in a modern format.David Wood, Chief Executive of Wickes, highlighted the positive outlook for the future, stating:
“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.”
_______________________________________________1) Retail refers to the revenue stream formerly described as Core. Retail revenue relates to products sold directly to customers (both DIY and local trade), in stores or online.2) Design & Installation refers to the revenue stream formerly described as DIFM or Do-it-for-me. Design & Installation revenue relates to projects such as kitchens and bathrooms, sold by showroom Design Consultants. Revenue is recognised when delivery and installation (where applicable) is complete. Design & Installation includes Solar Fast.
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