Wickes increases full-year profit guidance

Wickes has said that its full-year profits will be above analyst expectations of £67-£75m.

The home improvement group said that full-year profits are expected to be up to £83m thanks to its agile business model and strong demand for services over the lockdown.

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“This has been a period of further progress for Wickes, where our focus on value, stock availability and exceptional service have underpinned our customer offer,” said David Wood, the chief executive of Wickes.

“Clearly, this remains a time of uncertainty, however our differentiated business model leaves us well-placed to continue to outperform within a large and growing home improvement market.”

Sales in the third quarter were up over 16% of pre-pandemic levels.

“You have to doff your cap to home improvement retailer Wickes. To achieve a better-than-expected margin performance during a period of sharply rising input costs is no mean feat,” said Russ Mould, investment director at AJ Bell.

“It is testament to Wickes’ strong supplier relationships and the efficiency of its background processes and digital capability that it has been able to do this without making customers pay through the nose.”

“All three of its markets, encompassing local trade, do-it-for-me and DIY, are served by the same product range which makes this task a bit easier.”

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