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Highlights:
- Group revenue increased 2.1% to £391.3 million in Q3, driven by retail gains.
- Retail revenue rose by 4.7%, while D&I sales fell 7.1% but showed signs of stabilisation.
- Wickes expects to meet full-year profit forecasts, with shares rising 0.7% on the news.
Wickes Group PLC (LSE:WIX) reported a positive revenue increase in the third quarter of 2024, supported by growth in its retail segment and signs of stabilisation in its design and installation (D&I) business. The group’s overall revenue for the three months to September rose by 2.1% to £391.3 million, a slight increase from the same period last year. On a like-for-like basis, group revenue saw a modest rise of 0.4%.
Retail revenue was a key driver of growth, climbing 4.7% to £312.1 million. Wickes attributed this strong performance to its value-focused offering and continued market share gains. The company has maintained a loyal customer base despite broader economic challenges, with many home improvers returning to Wickes for its competitive pricing and service-led approach. The retail arm’s success helped offset the ongoing difficulties in the D&I division, which has faced tough trading conditions throughout the year.
Wickes' D&I business, which focuses on more expensive, larger home improvement projects, reported a 7.1% decline in revenue to £79.2 million. While this represents a continued downturn, it marks an improvement over the sharper declines seen earlier in the year, including a 17.3% fall in Q1 and a 16.7% drop in Q2. The company noted that conditions in this segment are stabilising, as demand for larger-ticket items appears to be gradually recovering from the earlier impact of economic pressures.
Chief executive David Wood expressed optimism about the company’s overall performance. “Our excellent value and service-led offer keeps home improvers coming back to Wickes,” Wood said, adding that the company had made "pleasing progress" in expanding retail volumes and market share. Despite the challenges faced by the D&I business, Wood noted that the segment’s stabilisation was a positive sign for the future.
Looking ahead, Wickes confirmed it remains on track to meet its profit expectations for the full year. The company’s cost controls and market resilience are seen as key factors in maintaining its outlook, even as economic conditions remain uncertain. Following the release of its third-quarter results, shares in Wickes rose 0.7% on Tuesday, reflecting investor confidence in the company’s strategic direction and its ability to navigate current market challenges.
