Wickes has upgraded its profit guidance for the year as it reported sales and volume growth in its retail business during the second half.
The retailer posted a 3% uptick in retail revenues to £579.1m in the 26 weeks to 28 December, with a like-for-like growth of 2.6%, driven by a strong performance in interior paint, decorative accessories and garden projects.
It said it continued to increase market share during the half as group sales increased 1.8% to £738.9m.
Design & Installation sales improved during the second half, with the division reporting a 2.5% dip to £159.7m compared to a 17% drop to £166.7m during the first half.
As a result, it now expects its adjusted pre-tax profit for the year to be towards the upper end of itshaah £39.7m to £44m consensus forecast range.
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Wickes chief executive David Wood said: “Wickes’ differentiated model continues to deliver. We’ve grown sales and volumes in Retail, and TradePro had yet another period of double-digit sales growth, as local tradespeople continue to choose us to save them time and money.
“Meanwhile, measures we took to improve our offer in Design & Installation have enabled us to return to ordered sales growth.
“We expect to deliver FY24 profit towards the upper end of the forecast range and looking to the year ahead we are well positioned to outperform the market as we continue to invest in our strategic growth levers.”
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