Kitchen, joinery and bedroom furniture supplier Howdens has reported a slight decline in recent trading while year-to-date sales remain positive.
According to its latest trading update for the periods 7 to 11 since its half year results, group sales were down 0.1%, driven by a decline in UK revenues of 0.6%. International sales were up 18.2%.
As for the year-to-date, total group sales were up 1.9%, with UK sales rising 1.7% and International revenues growing 10.9%.
On a like-for-like basis, group sales in the reported period were down 1.9%, while year-to-date revenues rose 0.2%.
Howdens said it gained further market share in the period with its trade customers benefiting from its “market-leading product line up, high stock availability and outstanding customer service”.
Howdens expects profit before tax in 2024 will be within the range of current analysts’ consensus forecasts, an average of £341m with a range of £328m to £350m, with the most likely outcome at the lower end of this range.
“Looking ahead, we expect the near-term market outlook into 2025 to remain challenging, in the absence of any meaningful change in the underlying consumer sentiment,” Howdens said. “We are confident that our business model is the right one to address the opportunities in our markets and we are well placed to continue to make excellent progress over the medium-term.”
This year Howdens expect to open around 30 new depots and revamp around 85 of its older UK sites, as well as expecting to open five new international sites. New product introductions for 2024 included 11 new kitchen ranges.
Andrew Livingston, Chief Executive said: “Howdens has delivered another strong period of market outperformance in continued challenging conditions underlining the strength of our trade-only, in-stock business model.
“Our strategic initiatives are performing well with an emphasis on delivering immediate product availability, market-leading product ranges, and digital tools. These support our trade customers to get their projects done efficiently, affordably and right first time.”
