The retailer saw like-for-like retail sales to DIY customers and local trade professionals rise 2.6% over the six months to December 28, up from growth of 0.6% in the first half
Shares in DIY chain Wickes have soared after the company reported better-than-expected profits due to increased sales, despite a continued squeeze on spending for big-ticket items.
The retailer revealed that like-for-like retail sales to DIY customers and local trade professionals rose by 2.6% over the six months to December 28, an increase from growth of 0.6% in the first half of the year.
Wickes stated that recent measures had helped reduce comparable store sales declines across its design and installation ranges to 8.4%, compared to the 18.3% drop seen in the previous six months. In the fourth quarter, ordered design and installation sales returned to growth, while delivered sales fell by 3.1%, a significant improvement on the 13.3% fall recorded in the previous three months.
Wickes shares jumped more than 10% at one point in Tuesday morning trading as it announced that full-year profits would be towards the upper end of the £39.7m to £44m range expected in the market. Wickes commented: “Design and installation sales improved across the second half, reflecting a number of actions we have taken to improve our customer offer and experience during 2024.
“While the market environment for larger ticket purchases remains challenging and the outlook uncertain, the changes we made to the business enabled ordered sales to move into year-on-year growth in the fourth quarter.”
