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(Alliance News) - Wickes Group PLC on Thursday reported increased annual sales, despite a tough second half which saw the DIY retailer track tough annual comparatives.
In addition, the company said it has named Mark George as chief financial officer, a role he also holds at Gym Group PLC.
Wickes said sales in the fourth quarter ended December 25 fell 5.0% annually, though were up 14% from two years earlier, before the onset of Covid-19.
"Wickes continued to perform well in the fourth quarter, with a resilient sales performance. As expected, Core sales moderated as we annualised the toughest comparatives from 2020, while remaining strongly ahead on a two-year basis," the company said.
For the whole of the financial year, sales were 13% higher. Wickes kicked off the year strongly, with sales surges of 20% and 48%, respectively, in the first two quarters. Progress waned, thereafter, however, with sales falling 1.6% in the third quarter, before the steeper fourth quarter drop.
Lockdown measures boosted demand for DIY products in the previous financial year, as more spent time indoors.
Wickes maintained its adjusted pretax profit forecast of GBP83 million.
The company added: "Refitted stores continue to perform very well, with a strong returns profile as we work through the estate and we therefore plan to accelerate the pace of major store refits from 2022 onwards. We will provide further detail on our investment and broader capital structure as part of full year reporting."
Wickes said incoming CFO George will join the business no later than July 20. He replaces Julie Wirth who will retire from a full-time executive role but will stay on until July 20.
Wirth made a "significant contribution to the successful transition of Wickes from a subsidiary business to a stand-alone listed entity", the company said.
George has been CFO at Gym Group since 2018. He was formerly deputy CFO at Auto Trader PLC and has held roles in finance, strategy and general management at Tesco PLC and Asda.
Low-cost gym chain Gym Group said it has kicked off a formal process to appoint a successor.
Wickes shares were 0.9% lower at 217.00 pence each in London on Thursday morning. Gym Group shares were up 2.1% at 265.50p.
By Eric Cunha; ericcunha@alliancenews.com
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