Wickes, the UK-based home improvement retailer, recently announced a decline in its sales for the first quarter while maintaining its full-year profit guidance. The company also issued a warning about the ongoing uncertainty in future retail transactions.
For the 16 weeks leading up to April 20th, Wickes reported a 4.2% year-on-year decrease in sales. During this period, retail revenue saw a marginal increase of 0.6%. The company attributed this growth to a moderate deflation in selling prices combined with an increase in transaction volume.
Despite the overall decline in DIY product sales, indoor paint sales experienced a 13% increase in the first quarter, which Wickes attributed to sustained enthusiasm from customers for home renovation and small-scale interior decorating projects.
The company acknowledged a downward trend in sales for its design and installation services, as well as cautious consumer behavior towards large household items. However, Wickes highlighted a substantial 25% year-on-year increase in sales for its low-priced Lifestyle Kitchens range.
David Wood, the CEO of Wickes, expressed optimism regarding the company’s market share and affirmed that despite the uncertain external environment, their overall profit expectations for the year remain unchanged.
Looking ahead, Wood emphasized Wickes’ commitment to future growth through store refurbishment plans, new store openings, and rapid investments in technology and solar power to strengthen the brand.
In conclusion, despite challenges in certain segments, Wickes remains focused on addressing evolving customer needs and positioning itself for sustained growth in the coming years.
