Wickes Group PLC Q3 Trading Statement (2579S)
03 Noviembre 2023 - 1:05AM
UK Regulatory
TIDMWIX
RNS Number : 2579S
Wickes Group PLC
03 November 2023
3 November 2023
Wickes Group plc - Trading Update for the 13 weeks to 30
September 2023
Balanced business model continues to deliver; on track to meet
full year expectations
Wickes Group plc ("Wickes") announces third quarter Group LFL
sales broadly in line with the prior year and reiterates guidance
for full year adjusted PBT.
LFL sales Total Core DIFM
Quarter 1 (1.8)% (4.4)% 6.2%
(13 weeks to
1 April)
-------- -------- --------
Quarter 2 3.0% 2.3% 5.3%
(13 weeks to
1 July)
-------- -------- --------
Quarter 3 (0.2)% 1.1% (4.4)%
(13 weeks to
30 Sept)
-------- -------- --------
Year to date
(39 weeks to
30 Sept) 0.4% (0.2)% 2.5%
-------- -------- --------
Note: DIFM represents delivered sales
Core LFL sales growth for the third quarter was 1.1%, with
growth in volume for the first time since the second quarter of
2021. TradePro sales continue to show double digit growth, with the
customer base continuing to grow strongly. DIY sales remain
moderately down on the prior year. Core market share ([1]) improved
in Q3, with particularly strong performances in decorative, tiling
and insulation. Selling price inflation in the period was broadly
flat, a position which we expect to continue for the remainder of
the year and into 2024. Our relative price position remains
strong.
DIFM LFL delivered sales in Q3 were -4.4%, partially driven by a
more normalised order book compared with the first half. We have
also experienced some delays to delivered sales as a result of the
transition to a new software solution fulfilling customer orders.
Actions are being taken to enable this to be resolved, although
there will be some impact on Q4 delivered sales which will now fall
into FY2024. DIFM orders were down modestly in the third quarter,
with some pressure on conversion rates, particularly in September,
as customers are taking longer to commit to big ticket
purchases.
Investment in growth levers continues across the business.
During the third quarter we completed one refit and opened a new
store in Chelmsford. For the fourth quarter two new stores have
already opened (Widnes in mid-October and Torquay today), and there
will be four further refits. We remain confident regarding the
pipeline for new stores in 2024.
Based on trading to the end of October, we remain comfortable
with current market consensus for FY2023 adjusted PBT of
GBP45.3-49.0m on a post-IAS38 basis.
David Wood, Chief Executive of Wickes, commented:
"Once again thanks to our amazing colleagues we have delivered a
solid performance in a challenging market as we continue to deliver
against our strategic growth drivers. In our Core business we have
gained further market share and achieved a return to volume growth.
We have fulfilled strong demand from our Trade customers and been
encouraged by greater stability in DIY.
"As we continue to rollout our programme of store openings and
refits, I am confident that we have the right product offer and the
most attractive locations - enabling us to deliver value for
customers and shareholders."
Wickes Headland
Investor Relations PR Adviser to Wickes
Andy Hughes +44 (0) 7767 365360 Lucy Legh +44 (0) 203 805 4822
Holly Grainger +44 (0) 7341 Will Smith +44 (0) 203 805 4822
680426
investorrelations@wickes.co.uk wickes@headlandconsultancy.com
About Wickes
Wickes is a digitally-led, service-enabled home improvement
retailer, delivering choice, convenience, value and best-in-class
service to customers across the United Kingdom making it well
placed to outperform its growing markets. In response to gradual
structural shifts in its markets over recent years, Wickes has a
balanced business focusing on three key customer journeys - Local
Trade, DIY (together "Core") and Do-it-for-me ("DIFM").
Wickes operates from its network of around 230 right-sized
stores, which support nationwide fulfilment from convenient
locations throughout the United Kingdom, and through its digital
channels including its website, TradePro mobile app for trade
members, and Wickes DIY app. These digital channels allow customers
to research and order an extended range of Wickes products and
services, arrange virtual and in-person design consultations, and
organise convenient home delivery or click-and-collect.
([1]) Source: GfK GB Point of Sales: DIY Total Store (Leader
Panel) Reporting, July-September
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END
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