Home improvement retailer Wickes has reported a growth in third quarter sales.
According to its latest trading update for 13 weeks ending 28 September 2024, total Q3 group sales rose 2.1% to £391.3m.
Retail sales were up 4.7% to £312.1m, while its Design and Installation arm saw revenues decline 7.1% to £79.2m.
“Despite challenging market conditions, our Design & Installation business is stabilising, with LFL sales decline slowing to 13.3%,” Wickes said. “Overall Group revenue increased by 2.1% compared to the prior year (an increase of 0.4% on a LFL sales basis).
“Retail sales delivered good growth in Q3, demonstrating the continued strength of Wickes’ great value and service-led proposition. Market share growth has been particularly strong in Q3, driven by volume, with selling price deflation of around 2%.
“Trading in Q3 also benefitted from customers catching up on outdoor projects delayed by the wet weather during spring and early summer. We expect this pent-up demand to subside in Q4.”
Wickes has continued to invest in its stores, with its Aberdeen store launching in August, its third new location so far this year. Wickes has also refitted two further stores and c.79% of the store estate is now in the new format.
Looking ahead, Wickes said its remains “comfortable with market expectations for adjusted profit before tax for 2024”.
David Wood, Chief Executive of Wickes, commented: “Our excellent value and service-led offer keeps home improvers coming back to Wickes. We’ve seen pleasing further progress in Retail, successfully growing volumes and increasing market share, driven by a particularly strong performance in TradePro. We remain on track for the full year and are well positioned for 2025 and beyond.”
