Wickes hails strong start to year as revenue jumps

(Sharecast News) - Wickes hailed a strong start to the year on Tuesday as it reported a jump in revenues for the 17 weeks to 26 April. Wickes highlighted "good growth momentum" across the business, with group revenue up 6.9% year-on-year. On a like-for-like basis, revenue growth was 5.5%.

The company said it delivered strong volume-led sales growth in the retail segment, where revenue rose 9.6%.

Wickes said it was well positioned to benefit from the warmer weather at the start of this year, which has supported the strong sales performance in Retail. For example, in the week of the early May bank holiday, the group had its biggest ever week for sales of compost and top soil.

In Design & Installation, another quarter of ordered sales growth and the contribution from Solar Fast resulted in revenue improving to broadly flat year-on-year.

Chief executive 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 & 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.

"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."