Wickes set to post strong profits after surge in DIY sales

The retailer said sales have increased by more than 45% for the 21 weeks to May 22 compared to the same period last year.

Wickes store

Wickes bosses have said the DIY chain is set to post annual profits towards the top of its targets after sales soared in recent months.

The retailer, which was spun off by Travis Perkins on the London stock market at the end of April, saw shares lift after highlighting the positive outlook.

It said sales have jumped by 45.7% for the 21 weeks to May 22 against the same period last year, with a 23.1% rise against the same period in 2019 before the impact of Covid-19.

The group said trading was “notably strong” in April, driven by higher sales volumes for both local trade and DIY customers.

Meanwhile, May sales settled back in line with its normal expectations, it added.

The group said profitability will be boosted despite a jump in prices for some construction materials due to shortages.

Wickes said it expects a pre-tax profit of around £45 million for the half-year, with it predicting a full-year profit in the top half of its £55 million to £74 million target range.

David Wood, chief executive officer 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.”

Shares in the company were 5.1% higher at 269p after early trading.