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(Alliance News) - Wickes Group PLC on Wednesday reported a "solid start to retail" as mixed trends continued, while it reiterated its adjusted pretax profit outlook.
Wickes is Watford, England-based building supplies retailer that was spun off from Travis Perkins PLC in 2021.
The company said it continued to see a decline in Design & Installation and volume growth in Retail. Overall like-for-like sales fell 4.2% in the 16 weeks to April 20 on-year, with both periods including Easter trading.
Design & Installation sales fell by 18% due to a "particularly strong performance" a year prior, citing a back then elevated order book.
Wickes highlighted that its lower-priced Wickes Lifestyle Kitchens range enjoyed a 25% sales boost compared to a year ago, amid an increased focus by the company.
For Retail, like-for-like sales ticked up 0.6%, while market share continued to climb. The company highlighted that TradePro sales continued to trade strongly, growing by 12% in the period.
"DIY sales remain in moderate decline overall; customers continue to be enthusiastic about home improvement but are focusing on smaller projects", Wickes added.
Chief Executive Officer David Wood said: "While the external environment remains uncertain, our overall profit expectations for the full year remain unchanged. Looking ahead, we continue to invest for future growth with our programme of store refits, new store openings and investment in both technology and Solar Fast, building an even stronger Wickes for the future."
Wickes said that its overall outlook for adjusted pretax profit for 2024 remained unchanged despite the trading environment remaining uncertain. In March, it said that the consensus adjusted pretax profit after software-as-a-service impact was GBP43.6 million for financial 2024, which would be 16% lower than GBP52.0 million in financial 2023 and down 42% from GBP75.4 million in financial 2022.
Wickes shares fell 1.9% to 142.80 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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