// Wickes sales rise thanks to increase in DIY renovations during lockdowns
// It expects full year adjusted pre-tax profit to come in at the top end of analysts’ expectations
Wickes has recorded a sales increase for the six months to May 22, as Brits turned to DIY and home renovations during lockdown restrictions.
The DIY retailer reported a like-for-like growth of 46 per cent on the same period in 2020.
It is now expecting its full year adjusted pre-tax profit to come in at the top end of analysts’ expectations.
The retailer said total like-for-like sales climbed by 45.7 per cent year-on-year during the period and by 23.1 per cent on a two-year basis against the equivalent period in 2019.
Within its core sales categories, like-for-like sales were ahead by 53.1 per cent year-on-year and by 46.2 per cent on a two-year basis.
Following the reopening of its Do It For Me showrooms on April 12, the retailer has been encouraged by its kitchen and bathroom leads, which it expects to deliver strong like-for-like sales growth in the second half of the year.
Wickes now expects its half year adjusted pre-tax profit to come in at around £45 million and that its full year adjusted pre-tax profit will be within the top half of the range of analyst expectations, which is currently £55 million to £74 million.
“At Wickes, we are here to help the nation feel house proud, and I am delighted with how the entire business has responded to the continued strong demand for our products and services,” Wickes chief executive David Wood said.
“Availability constraints and inflationary pressures across some raw materials have been well-flagged, but we have strong supplier relationships and are working closely with them to ensure we continue to provide customers with the products they need at the best possible value.”