27th Oct 2021 13:46
Wickes Group PLC - Watford-based building supplies retailer - Reaffirms full-year profit outlook despite flagging that sales for the third quarter were down 1.6% year-on-year. Wickes says it continued to perform well in the three months that ended September 25, with a "resilient sales performance". Core sales are 2.3% below the prior year but remain strongly ahead on a two-year basis, up by 27%. DIFM division sales are up 0.7% from last year but down 12% from two years ago. DIFM means 'do it for me', as opposed to DIY or 'do it yourself'. The DIFM order book remains considerably higher year-on-year, with extended project completion lead times leading to higher carry over of orders into 2022, Wickes notes.
Wickes says pretax profit expectations remain in line with guidance at between GBP67 million and GBP75 million. This assumes no further significant change as a result of Covid disruption or restrictions, the company highlights.
Current stock price: 218.24 pence, down 3.4% on Wednesday
Year-to-date change: down 17% since April demerger
By Will Paige; [email protected]
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