WICKES GROUP PLC: Q3 Trading Update (1243829)
27 October 2021 - 5:00PM
UK Regulatory
WICKES GROUP PLC (WIX) WICKES GROUP PLC: Q3 Trading Update
27-Oct-2021 / 07:00 GMT/BST Dissemination of a Regulatory
Announcement, transmitted by EQS Group. The issuer is solely
responsible for the content of this announcement.
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27 October 2021
Wickes Group plc - Q3 Trading Update
Strong performance on a two-year basis, profit guidance
confirmed
Wickes Group plc ("Wickes" or "the Group") today provides a
third quarter trading update and confirms profit guidance for the
full year.
Wickes continued to perform well in the third quarter, with a
resilient sales performance. As expected, Core sales moderated as
we annualised tough 2020 comparatives, and remained strongly ahead
on a two-year basis, underpinned by our digital leadership and
operational strengths.
1 Year Like for Like Sales Growth % 2 Year Like for Like Sales Growth %
Core DIFM Total Core DIFM Total
Quarter 1
38.5% (25.0)% 19.7% 51.5% (28.3)% 25.6%
(13 weeks to 27 Mar)
Quarter 2
34.2% 185.7% 47.6% 38.4% (27.5)% 19.7%
(13 weeks to 26 Jun)
Quarter 3
(2.3%) 0.7% (1.6%) 27.4% (12.4%) 16.3%
(13 weeks to 25 Sep)
Core sales were supported by strong performance in local trade,
where home renovations continue to drive robust order books for our
trade customers. Wickes operational strengths meant supply
shortages had no material impact on sales in the period. As
reported across the industry, we have seen price inflation
accelerate, and we continue to manage this responsibly by focusing
on cash margin recovery while maintaining our leading price
position.
DIFM reported sales were ahead year-on-year, with an improving
trend on a two year basis. As outlined at the interim results, Q3
DIFM ordered sales* were broadly in line with 2019. The total DIFM
order book remains considerably higher year-on-year impacted by
extended project completion lead times, and this will result in a
higher carry over of orders into 2022.
The full year outlook for adjusted PBT** remains in line with
our expectations and guidance given with the interim results.
David Wood, CEO of Wickes commented: "This resilient performance
has been underpinned by our digitally-led and service-enabled
customer proposition, while our agile business model has enabled us
to continue to navigate inflationary pressures and raw material
constraints well. We are well-placed within a large and growing
home improvement market, and look to the future with confidence. I
would like to thank all of my colleagues for their hard work and
support as we continue to help the nation feel house proud."
Wickes Headland +44 (0) 0203805 4822
Investor Relations PR Adviser to Wickes
Andy Hughes +44 (0) 777 669 2736 Lucy Legh, Will Smith, Charlie Twigg
investorrelations@wickes.co.uk wickes@headlandconsultancy.com
*Ordered Sales are sales at point of order rather than
delivery/project completion which triggers sales recognition in the
accounts
**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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ISIN: GB00BL6C2002
Category Code: TST
TIDM: WIX
LEI Code: 213800IEX9ZXJRAOL133
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State
Sequence No.: 125262
EQS News ID: 1243829
End of Announcement EQS News Service
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