Wickes has kicked off 2025 with impressive growth, recording a 6.9% year-on-year increase in overall Group revenue during the first 17 weeks of the year.
The home improvement retailer’s Retail division delivered particularly strong performance, with revenue climbing 9.6% to £396.7m.
This growth was primarily volume-driven, with price deflation remaining close to zero throughout the period. The company’s Design & Installation segment showed signs of recovery, with delivered revenue holding broadly flat year-on-year at £136.4m, supported by previous quarters’ ordered sales growth and contributions from Solar Fast.
Wickes’ TradePro scheme was a real bright spot, with sales rising 13% compared to the same period last year. The programme, which offers savings and convenience to local trade professionals, has seen active membership rise by 14% to 605,000.
DIY sales also grew, fuelled by an increase in customer transactions. The pickup activity may be due to the favourable weather during the period, and investors will be keen to see if this continues in the coming periods.
“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,” said David Wood, Chief Executive of Wickes.
“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 & 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.”
Strategic expansion continues with four former Homebase stores undergoing conversion as part of Wickes’ plan to open 5-7 new stores in 2025. Three existing stores have been refitted during the period, bringing approximately 80% of the estate to the new format. The company plans to increase technology investments this year to enhance customer experience and support productivity initiatives.
Wickes’ results will be welcome given the significant cost headwinds and uncertainty in the consumer outlook. Wickes shares have had a strong start to 2025, and today’s results validate the year-to-date rally. Further gains in the shares will likely be driven by the macro environment, with Wickes on their strategy and internal goals.
The company said it remains confident about meeting current consensus expectations for adjusted profit before tax in 2025.