Wickes enters FTSE 250 after strong sales
Wickes has been promoted to the FTSE 250 in its latest quarterly reshuffle after it reported a “strong” first quarter.
Wickes has been promoted to the FTSE 250 in its latest quarterly reshuffle after it reported a “strong” first quarter.
The retailer’s chief executive David Wood said the inclusion was a “fantastic recognition for all the hard work of our colleagues who do such a great job serving customers and helping the nation feel house proud”.
The promotion is expected to attract index funds and active mid-cap investors, which will help increase liquidity and visibility for the stock.
It comes after Wickes reported last month it had made a “strong start” to the year as group sales rose 6.9% to £533.1m for the 17 weeks to 26 April.
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Retail revenues increased 9.6% to £396.7m in the quarter, which it attributed to the “continued success” of its “great value and service-led proposition”.
It is in the process of converting four former Homebase stores as part of its plan to open 5 to 7 new stores in 2025.
Meanwhile, THG has been demoted from the FTSE 250 after just three months.
The group was promoted to the index in March following the split of its ecommerce Ingenuity business at the start of the year.
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