Wickes raises profit guidance

Home improvement retailer Wickes Group has raised its full-year adjusted profit guidance for 2021 in a trading update.

06 Dec, 21

Home improvement retailer Wickes Group has raised its full-year adjusted profit guidance for 2021 in a trading update.

Wickes employs first women installation apprentices

Wickes posted “resilient” sales in Q3 and following its continued performance in the fourth quarter, with sales in line with expectations, Wickes reports profit before tax will be no less than £83million.

According to the retailer sales are strengthening in Do It For Me (DIFM) with an “elevated” order pipeline, along with a higher carry over order book, which it reports will benefit the first half of FY2022.

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Wickes core sales are lower year-on-year but remain materially ahead on a two-year basis driven by “strong” performance from local trade underpinned by its digital TradePro loyalty scheme.

It reports recent changes to UK Government Covid-related guidance is unlikely to have a material impact on performance over the balance of the year and trading environment continues to remain uncertain.

CEO of Wickes David Wood commented: “This has been a period of further progress for Wickes, where our focus on value, stock availability and exceptional service have underpinned our customer offer.

“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.”

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