// Wickes increases full-year earnings expectations after strong trading
// The DIY retailer said sales in line with expectations over the period
// The company’s Do It For Me services are improving
Wickes has increased its full-year earnings expectations after a strong fourth-quarter trading period.
The retailer expects profits to come in at no less than £83 million.
Prior to the uplift, Wickes anticipated earnings at ”the upper end” of £67 million to £75 million.
The retailer said that sales in line with expectations over the period, and its “agile business model and strong supplier relationships have resulted in a better than expected margin performance”.
Wickes was also able to ”mitigate the pressures resulting from rising inflation and freight costs”.
Meanwhile, the company’s Do It For Me services are improving as workers go through longer order times due to high demand and global delays on materials.
It said this will result in orders being carried over into the next year on its accounts.
“This has been a period of further progress, where our focus on value, stock availability and exceptional service have underpinned our customer offer,” Wickes chief executive David Wood said.
“Our forward planning and early strategic decisions have resulted in an improved profit performance, and we continue to navigate inflationary pressures and raw material constraints well.
“Clearly this remains a time of uncertainty, however our differentiated business model leaves us well-placed to continue to outperform within a large and growing home improvement market.”