Wickes has reported a return to growth over the summer but cautioned that sales might decline as the surge in DIY demand subsides in the upcoming months.
The London-listed home improvement retailer saw a 2.1% increase in revenue, or a 0.4% rise on a like-for-like basis, with retail revenue up by 4.7%, as reported by .
This comes after a 3.6% drop in group revenue in the preceding quarter. Despite "challenging conditions" the company's design and installation business has seen stabilisation, with a 13.3% decrease compared to last year, which is less severe than the 18.9% fall in the previous quarter.
"We’ve seen pleasing further progress in retail, successfully growing volumes and increasing market share, driven by a particularly strong performance in Tradepro," commented David Wood, chief of Wickes. Tradepro, the firm’s membership scheme for professionals, experienced a 16% sales boost year-on-year throughout the quarter.
Active Tradepro memberships have also risen by 18% year-on-year to 564,000 as more professionals join the programme.
Wood stated that the company "remain[s] on track for the full year" and is "well positioned for 2025 and beyond."
Nonetheless, analysts at Panmure Liberum were not impressed by the figures today and anticipate a dip in sales during the final three months of the year.
Analysts at the bank, Wayne Brown and Anubhav Malhotra, commented: "Yes, there was an improvement in retail, but that was pent up demand following the wet start to the summer – this is expected to wane in Q4," They further added: "With press talking about sales of loft insulation rising rapidly due to government winter fuel payments saga – maybe we were hoping for more today," Wickes anticipates releasing its fourth quarter trading update in late January 2025.
