Wickes registers “strong” first quarter sales boost as it wins market share
Wickes saw sales grow during its most recent trading update, as it hailed a "strong start" to the year.
Wickes recorded sales growth during its most recent trading update, as it hailed a “strong start” to the year.
Overall group sales at the chain, which saw profits slip in March, were up 6.9% year on year to £533.1m for the 17 weeks to 26 April.
Retail revenues increased 9.6% to £396.7m over the period, which it said demonstrated the “continued success” of its “great value and service-led proposition”.
It also highlighted a boost in market share, noting strong performance in its building, garden and decorating categories.
Wickes highlighted its loyalty scheme TradePro delivered a sales rise of 13% year on year, while its active members also jumped 14% to 605,000.
Additionally, it noted DIY sales grew, driven by volume, due to an increase in customer transactions. However, its design and installation sales dipped 0.4% to £136.4m.
Wickes said it was “well positioned” to benefit from the warmer weather at the start of the year, which boosted its retail sales, and reported its biggest ever week for sales of compost and top soil during the week of the early May bank holiday.
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It noted that work was underway to convert four former Homebase stores as part of its plan to open 5 to 7 new stores in 2025.
Wickes CEO David Wood said: “This has been a strong start to the new financial year, with the further increase in sales driven exclusively by volume growth, as more customers shop with us.
“Within retail, we have gone from strength to strength. We have taken further market share and seen a very good market outperformance in timber, hardware, decor and garden.
“In design and installation, we are benefitting from the actions taken to enhance the Wickes offer. This is a segment demonstrating real momentum, with a second quarter in a row of ordered sales growth.”
He added: “While we continue to be mindful of consumer sentiment and a challenging external environment, we have a strong platform in place and we are well set to continue delivering against our strategy.”
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