22nd Oct 2024 10:31
(Alliance News) - Wickes Group PLC on Tuesday said its full-year profit expectations remain unchanged following positive third quarter trading.
In the 13 weeks to September 28, the home improvement retailer recorded a 2.1% increase in revenue to GBP391.3 million with its retail division bearing heavy responsibility through its respective 4.7% revenue uptick to GBP312.1 million.
The changing weather conditions have contributed to an increase in demand for retail sales, said Wickes, as customers catch up on outdoor projects previously delayed by the wet weather seen earlier this year. However, it acknowledged that pent-up demand is likely to subside in the fourth quarter.
The Watford, England-based business also emphasised the importance of its TradePro discount service in driving retail sales, which it says experienced active member growth of 18% to 564,000, with its sales up 16% year-on-year for the quarter.
Its design and installation division, by contrast, experienced a challenging period of trading with revenue down 7.1% to GBP79.2 million reflecting the continuation of a difficult trading environment for "larger ticket purchases".
The business does note ordered sales for the division has stabilised in recent weeks.
Wickes Chief Executive David Wood said: "We've seen pleasing further progress in retail, successfully growing volumes and increasing market share, driven by a particularly strong performance in TradePro.
"We remain on track for the full year and are well positioned for 2025 and beyond."
Shares in Wickes were trading up 0.1% at 162.40 pence on Tuesday morning in London.
Wickes expects to report on its fourth-quarter trading performance in January 2025.
By Christopher Ward, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.