// Wickes sees group sales rise by 11.5% in the 13-week period ending 31 December
// It said that while DIY sales remain below last year, the performance improved at the end of the fourth quarter
Wickes like-for-like sales grew by 5.2% in its fourth quarter as it saw strong demand for energy-saving products such as loft insulation and draught excluders.
“Do It For Me” like-for-like sales soared 34.5%, which helped total group sales increase by 11.5% in the final three months of 2022.
However core like-for-like sales slipped 2% over 2022 as a whole, with the DIY group seeing steep declines at the start of the year as trade eased back from the boom seen during the pandemic.
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Following the performance, Wickes expects its full-year adjusted pre-tax profit to be in line with current market expectations of between £72m to £76m for 2022, down from £85m in 2021.
The retailer said material prices have been rising at a slower price thanks to falls in the cost of timber, with inflation easing back to 9% in the three months to the end of December.
It said wholesale energy prices were also falling, but that it still expects its gas and electricity bill to be around £10 million higher in 2023, including costs from switching to fully renewable energy.
Wickes chief executive David Wood said: “Wickes traded well during the period, with Group sales up 11.5%, underpinned by our relentless focus on value, availability and service.
“With the increased cost of living and colder winter months we have seen more customers turning to Wickes for help to reduce their energy usage and bills.
“We’re providing market-leading value on products, from loft insulation through to draught excluders, and customers are visiting our online Sustainable House Guide for great hints and tips on how to reduce energy and cut back on costs.
“Wickes continues to demonstrate the strength of its uniquely balanced business model. We remain focused on our growth levers to ensure that we continue to outperform the market.”
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