Wickes has posted a 1.8% rise in group revenue, reaching £738.9 million for the second half of the year. The home improvement retailer saw retail revenue climb by 3%, totaling £579.1 million, with a like-for-like growth of 2.6%. The company’s interior paint, decorative accessories, and garden project categories stood out as key performers. However, DIY sales experienced a moderate decline as consumers focused on smaller projects.
Wickes’ TradePro business, a vital component of its retail strategy, reported a robust 14% year-on-year sales increase, driven by a 19% rise in the number of active TradePro members, which now total 581,000.
Despite these positive retail results, design and installation revenue declined by 2.5%, bringing in £159.7 million. However, there was a noticeable improvement in delivered sales within the category, with the decline narrowing from 13.3% in Q3 to 3.1% in Q4.
Looking ahead, Wickes has raised its full-year adjusted pre-tax profit forecast, now expected to fall at the higher end of the £39.7 million to £44 million range.
David Wood, Chief Executive of Wickes, commented: “Wickes’ differentiated model continues to deliver. We’ve grown sales and volumes in retail, and TradePro had yet another period of double-digit sales growth, as local tradespeople continue to choose us to save them time and money. […] We expect to deliver FY24 profit towards the upper end of the forecast range and looking to the year ahead we are well positioned to outperform the market as we continue to invest in our strategic growth levers.“
