Wickes said it expects full-year profits to come in at the top end of its guidance thanks to a “robust” sales performance against a challenging market backdrop.
The home improvement retailer reported like-for-like sales slipped 0.3% in the 52 weeks to 30 December due to “a more subdued consumer environment for larger projects”.
Comparative sales for its core business – which covers trade and retail customers – edged up 0.1% for the year, with “positive volume growth” helping to push up sales 1.4% in the 13 weeks to the year end.
Like-for-likes of its Do-It-For-Me (DIFM) division – which are projects led by design consultants – were down slightly at 1.7%, as consumers pulling back on larger expenses over the golden quarter.
Despite the softer golden period, Wickes said it expects adjusted pre-tax profit to be at the upper end of the market consensus range of £44.9m to £48.3m.
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The retailer’s chief executive David Wood said: “Our colleagues’ relentless focus on value, availability and service has delivered record customer satisfaction and market share.
“We have delivered a robust sales performance in the year, against a challenging market backdrop, and with a tight control on costs we expect to achieve a full year profit outturn at the upper end of market expectations.
“We remain confident in our growth levers and in 2023 we have invested further in new stores, refits and our digital capability. This leaves us well-placed to continue to outperform the market in 2024 and beyond.”
Last week, the retailer revealed it was rolling out a four-day work week option for store management across its stores nationwide.
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