Wickes profits skyrocket in ‘year of excellent growth’

// Wickes full-year sales and profits rise thanks to strong digital sales
// Like for likes climbed 13% year on year and were ahead 18.6% versus 2019

Wickes full-year sales and profits have risen and the DIY retailer said it is now well positioned for future growth.

The home improvement retailer recorded a 71.7% increase in adjusted pre-tax profit to £85 million, while sales jumped 14% to £1.53 billion.

It said the strong performance came after market share gains in core areas, a strong digital business and a strengthened position with trade customers.

Like for likes climbed 13% year on year and were ahead 18.6% of pre-pandemic 2019 levels in the 12 months to January 1.

READ MORE: Wickes launches ‘period positive’ campaign to end stigma around menstruation at work

Wickes chief executive David Wood said it was “a year of excellent growth”.

He added: “Our performance is testament to the resilience and hard work of our colleagues, our strong supplier relationships, uniquely balanced business model and market leading customer proposition.

“Looking ahead, we expect to continue outperforming the market and are well-placed to capitalise on the ongoing requirement for home improvement – namely an ageing housing stock, favourable consumer trends, and the increased focus on insulating and retrofitting homes.

“While we recognise the pressure that consumers will be facing in 2022, we have the right model, a strong pipeline and order book, and remain confident of making further progress in the current year driven by a material increase in DIFM (do it for me) revenues.”

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