Home improvement retailer Wickes has reported accelerating sales growth as customers began to feel the effects of rising prices once more. The London-listed company announced on Tuesday that its core retail business delivered a "significantly improved performance" during the most recent quarter.
Total group sales climbed 4.5% to £439 million for the three months to 26 September, compared with the same period the previous year. This marked an upturn in growth for the business, up from 2.3% in the preceding quarter.
Retail sales surge 6%
Retail sales surged 6% to £331 million over the quarter, helping to counterbalance slower growth from the firm's design and installation division. Wickes attributed customer growth to stronger volumes, while noting that "mild" price inflation is "starting to come through" following a prolonged period of easing prices.
The company said it is outstripping the broader market, buoyed by robust performance across timber, flooring, roofing and garden products. Within its retail arm, the firm also recorded an 8% uplift in sales through its TradePro operation, which connects customers with tradespeople.
Expansion and outlook
During the quarter, the retailer opened two new stores — in Saffron Walden, Essex, and Colne, Lancashire — alongside completing three store refits.
Wickes chief executive David Wood said the group remains on course to hit its profit targets for the year following "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."
