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WICKES GROUP PLC (WIX)
1st June 2021
Wickes Group plc - trading update
Strong sales volumes drive trading ahead of expectations
Wickes Group plc today provides an update on year to date trading performance and profit guidance.
Group Sales have continued to perform strongly, with total like for like growth in the 21 weeks to 22nd May 45.7% ahead year on year, 23.1% on a two year basis against the equivalent period in 2019.
Within Core, YTD like-for-like sales were ahead by 53.1% year on year, 46.2% on a two year basis. Trading was notably strong through April, driven by sales volumes in both local trade and DIY and continued to be underpinned by our digital capability. Trading in May has settled back in line with expectations.
Following the re-opening of our Do It For Me ("DIFM") Showrooms on the 12th April, we are encouraged by our kitchen and bathroom leads and order pipeline, which is expected to deliver strong like-for-like sales growth in the second half of the year.
Whilst there remains uncertainty in the balance of full year outlook, following stronger than expected YTD core sales growth, we anticipate half year adjusted PBT* of around £45m and full year adjusted PBT within the top half of the range of analyst expectations (current range £55m - £74m).
David Wood, CEO of Wickes, said: "At Wickes, we are here to help the nation feel house proud, and I am delighted with how the entire business has responded to the continued strong demand for our products and services. Availability constraints and inflationary pressures across some raw materials have been well-flagged, but we have strong supplier relationships and are working closely with them to ensure we continue to provide customers with the products they need at the best possible value."
*Adjusted PBT represents profit before tax on an IFRS basis and excludes adjusting items which will comprise demerger costs and IT separation costs for 2021.
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