Wickes' third-quarter sales climb as low-price strategy draws shoppers
Wickes' third-quarter sales climb as low-price strategy draws shoppers Oct 20 (Reuters) - British building materials supplier Wickes WIX.L reported a 4% rise in third-quarter like-for-like sales on Tuesday as its low-price offerings attracted value-conscious customers, though it noted a modest rise in some prices.
The retailer, which sells bathroom and kitchen fittings, has sought to limit price increases as customers grapple with higher mortgage rates, inflationary pressures and concerns over tax hikes
Wickes' third-quarter revenue rose 4.5% to £439 million ($586.07 million), with revenue in its retail segment up 6%
The company said its retail segment, which includes tradespeople-focused TradePro and DIY operations, has begun to see a mild price inflation after a sustained period of deflation
While rivals Travis Perkins TPK.L and Howden Joinery HWDN.L have raised prices, Wickes has previously said it aims to be 2% to 3% cheaper than competitors
Sales in Wickes' Design and Installation business were broadly flat as customers pulled back on big-ticket purchases
The company reiterated its forecast for about 10% growth in adjusted pretax profit in 2026
($1 = 0.7491 pounds)
(Reporting by Simone Lobo in Bengaluru; Editing by Sherry Jacob-Phillips)
((Simone.Lobo@thomsonreuters.com; +919920570373;))