Wickes bosses shrug off falling ‘don’t do it yourself’ sales
Bosses at Wickes hailed a “robust” year for home improvement retailer Wickes despite slippage in its ‘do it for me’ offering through the last six months of the year.
Total like-for-like core sales for the DIY and garden centre firm were up 0.1 per cent, with an uptick of 1.2 per cent in the fourth quarter.
The year was not favourable for DIFM sales, though, as the year presented gradual declines.
With an uptick of 6.2 per cent in DIFM sales at the beginning of the year, the fourth quarter slumped 13.7 per cent, averaging out a total of -1.7 per cent at the year’s finishing line.
The company once again said the decline is partially due to delays in delivered sales because of a new software solution used to fulfil customer orders.
However, it said the issue has been “addressed” and will not impact delivered sales in 2024.
Following its results this morning, Wickes’ share price rose by more than 6.2 per cent, as investors follow the company’s lead with confidence for the year ahead.
The overall “encouraging” first half of the year for home improvement retailer Wickes previously led the company to launch a share buyback scheme, after it reported volume growth for the first time since 2021.
David Wood, chief executive of Wickes, said: “Our colleagues’ relentless focus on value, availability and service has delivered record customer satisfaction and market share.
“We have delivered a robust sales performance in the year, against a challenging market backdrop, and with a tight control on costs we expect to achieve a full year profit outturn at the upper end of market expectations.
“We remain confident in our growth levers and in 2023 we have invested further in new stores, refits and our digital capability. This leaves us well-placed to continue to outperform the market in 2024 and beyond.”