Home improvement retailer Wickes has reported accelerating sales growth as customers see prices start to rise again. The London-listed firm said total group sales grew by 4.5% to £439 million for the three months to September 26, compared with the same period a year earlier.
This marks an improvement from the 2.3% growth recorded in the previous quarter. Retail sales jumped by 6% to £331 million for the quarter, helping to offset slower growth from the firm's design and installation operation.
Strong Retail Performance
Wickes said customer growth was driven by stronger volumes, but added that "mild" price inflation is "starting to come through" after a sustained period of easing prices. The company said it is outperforming the wider market on the back of strength in timber, flooring, roofing and garden products.
Within retail, the firm also reported an 8% increase in sales through its TradePro business, which connects customers with tradespeople. The retail group opened two new stores, in Saffron Walden, Essex, and Colne, Lancashire, during the quarter, alongside three store refits.
On Track for Profit Guidance
Wickes boss David Wood said the group is on track to meet profit guidance for the year after "good momentum" in recent months. He said: "We've delivered a strong third quarter, with growth accelerating across retail as more customers choose Wickes for their home improvement projects.
"Our continued market share gains demonstrate the strength of our value-led proposition and our ability to outperform in a competitive market. With good momentum across the business, we remain on track to deliver market expectations for full-year profit."
