Wickes reports lacklustre sales as DIY projects fall from pandemic highs
Supply store Wickes has seen like-for-like sales slide 1.6 per cent from a year ago in the third quarter to September 25, as fewer people turn their hand to home improvement projects after the end of lockdowns.
The Watford-headquartered retailer said that its sales remained 16.3 per cent above 2019 levels, but it hadn’t sustained the pandemic DIY-driven highs it charted last year.
Wickes said supply shortages had no material impact on sales in the period, which it put down to its “operational strengths”, but that it had experienced a cross-industry price inflation that it continues to manage by “focusing on cash margin recovery while maintaining our leading price position.”
Looking ahead, the home improvement retailer said the full year outlook remains in line with its expectations and unchanged from its interim results, when it said that second half growth would be driven by online sales.
“This resilient performance has been underpinned by our digitally-led and service-enabled customer proposition, while our agile business model has enabled us to continue to navigate inflationary pressures and raw material constraints well,” said CEO David Wood.
“We are well-placed within a large and growing home improvement market, and look to the future with confidence. I would like to thank all of my colleagues for their hard work and support as we continue to help the nation feel house proud.”