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25th April
A 24,000 square feet Wickes store and associated car park ( in Durham ) will open on 17 May, adding to Wickes’ comprehensive stores in the North East.
Https://www.insightdiy.co.uk/news/wickes-announces-new-magic-radio-partnership/13563.htm
Taking advantages to promote, increase market share. We’ll still wait on housing turnover and wider economy though.
Housing data rather disappointing today. So not surprised in the red. Not out of kilter wth markets generally.
I was just reading Kingfisher’s results from yesterday. On the new financial year, Wickes reported sales ‘in line with’ last year. Kingfisher are seeing ‘improved sales trend’ in the UK and Ireland. So based on those two, early signs may indicate their market has at least begun to stabilise, and will possibly improve throughout the year.
Https://www.theretailbulletin.com/general-merchandise/wickes-promotes-sarah-taitt-to-role-of-chief-property-and-services-officer-26-03-2024/
Gives greater focus, I imagine.
Wickes, like others, rely on discretionary spend for bigger ticket items. Early days, but mixed metaphor perhaps at the bottom and turning a corner.
https://www.bbc.co.uk/news/live/business-68581527
Https://www.cityam.com/wickes-ceo-gets-inflation-busting-pay-rise-after-proving-himself/
Annual Report
https://www.wickesplc.co.uk/media/behjhuqj/wickes-annual-report-2023.pdf
New Derbyshire store opening as planned before Easter.
https://www.erewash.gov.uk/latest-news-section/latest-news/1900-mayor-to-open-new-wickes.html
Panmure Gordon one of those reaching consensus.
https://www.proactiveinvestors.co.uk/companies/news/1043515/panmure-downgrades-wickes-profit-guidance-due-to-cost-pressures-1043515.html
Well, their guidance is on page 11.
They say they are comfortable with consensus expectations.
https://www.wickesplc.co.uk/media/vhypw3tk/fy-2023-deck-final.pdf
Potentially but proven pretty resilient and been through tough times already. Maybe had nadir already and could see macro improving, wage growth outstripping inflation, decreasing base rate, housing market incentives, energy cost cutting etc.
Definitely there is room for more profit warnings and downgrading. You may argue that it is already priced in, but you know the market, can take further dives. I will sit on the sidelines.
I see Solar Fast also supply Electric Vehicle charging kit.
Summary.
https://www.proactiveinvestors.co.uk/companies/news/1043464/wickes-enters-solar-market-posts-flat-yearly-revenues-1043464.html
They haven’t quite gripped the buyback state of play.
Stock is far too cheap in my opinion, decent results, big yield, buybacks , low p/e, and an acquisition to boot-which to me shows a lot of confidence, and the shares do not budge--something may be afoot here, manipulation for a bid maybe, these would make a juicy morsel for someone!!
I missed that one.
https://www.lse.co.uk/rns/WIX/share-buyback-programme-ed3wpfywvnk9nha.html
Expenses knocked off amount for buy-back.
That’s solely to increase the EPS, and then supports the divi.
‘Remainder of current £25m share buyback programme expected to be completed by 30 September 2024’
£14.9m to go.
Steady performance, held the divi and an acquisition gives confidence.
Https://www.lse.co.uk/rns/WIX/full-year-results-2023-8kvhib9bqpgrmu1.html
I’m pleased with that. Better than expected for me, when set against most of what I’ve been reading. And an acquisition to boot. Confidence going forward.
A bit different, but Marshall’s taking rather a hit this morning. Wickes may already have lost some of that more recently. Just can’t tell.
I’ve accepted I’m here until the economy, house moves change for the better, whereupon I’ve convinced myself Wickes can compete with anybody in UK, and at the moment get market share, with a sweetener in the divi.
Like the optimism Pepper. I sold VTY to buy a tranche of these at 1.30. Missed out on 70% gain got a 20% one. But nonetheless a winner !!!