Wickes interim profits, revenues rise amid growth across categories

(Sharecast News) - Wickes reported a rise in interim profit and revenue on Wednesday, with volume growth across the group. In the 26 weeks to 28 June, adjusted pre-tax profit grew 16.7% to £27.3m, with revenue up 5.6% on the same period a year earlier to £847.9m.

Revenue in the retail segment rose 6.8% to £634.4m, while revenue in the design and installation ranges was up 2.1% at £213.4m.

The group said trading in the third quarter so far has been in line with expectations and that the phasing of increased people costs and new stores will impact more fully in the second half.

Chief executive David Wood said: "In Retail, we have achieved record market share growth and have prioritised convenience, choice and speed, helping grow TradePro sales by a further 10%. With DIY, our focus on broadening appeal and innovating in strategic categories has seen more customers choose Wickes to bring their home improvement projects to life.

"In Design & Installation, the actions we undertook to enhance the customer experience have seen us return to like-for like sales growth, ahead of the wider market for big ticket items.

"Our proven strategy is working. Whilst we remain mindful of the cost headwinds facing the sector as a whole, continued investment in our growth levers and digital initiatives means we are well positioned for the future and remain comfortable with market expectations for the full year."