REG-WICKES GROUP PLC WICKES GROUP PLC: Trading Update

WickesAnnouncement

03/05/2023 07:15

============

   WICKES GROUP PLC (WIX)
   WICKES GROUP PLC: Trading Update

   03-May-2023 / 07:00 GMT/BST

   ══════════════════════════════════════════════════════════════════════════

   3 May 2023           

                                        

         Wickes Group plc – Trading Update for the 16 weeks to 22 April

      Performance in line with expectations, DIFM sales ahead of last year

                                        

   Wickes has made an encouraging start to the year with performance in  line
   with our expectations and the  prior year. For the  first 16 weeks of  the
   year, Group LFL sales were down (0.6)%. Delivered DIFM sales were ahead by
   9.3%, with  Core  LFL  sales  down (3.6)%.  Both  periods  include  Easter
   trading.

   Core sales  have  been  affected  by adverse  weather  in  2023  to  date,
   affecting outdoor and weather-related categories. Storms in the prior year
   also drove significant sales uplifts in fencing in the comparative period.
   Sales trends have improved  towards the end of  the period as the  weather
   has started to normalise.

   Trade sales continue to perform well, reflecting healthy trade order  book
   pipelines,  and  our  strategically   important  TradePro  customer   base
   continues to grow strongly. DIY sales remain lower year-on-year. Inflation
   remains mixed across categories but is  slowing overall, in line with  our
   expectations.

   DIFM delivered sales growth reflected  the improved order position  during
   the fourth  quarter  of 2022,  a  good  2023 Winter  Sale,  and  continued
   normalisation of the order book as a result of our increased  installation
   capacity. Orders in the  first 16 weeks  were up marginally  year-on-year,
   with a reduction in leads more than offset by an increase in conversion.

   Costs remain well controlled, with savings flowing through as expected  in
   distribution, logistics  and  store  operations.  Four  refits  have  been
   completed in the  year to  date, with  the first  new store  this year  at
   Chelmsford expected to open in the summer.

   David Wood, CEO of Wickes, commented:

   “This has been an encouraging start to  the year where we have again  seen
   the benefits of our uniquely balanced business model delivering well in  a
   challenging economic environment. Our performance has been underpinned  by
   further momentum in Trade, as local traders continue to turn to Wickes  to
   save them time and money, and a strong performance in Do-it-for-me. As  we
   continue to  make progress  across our  strategic growth  drivers, we  are
   confident in the Group’s prospects for both the remainder of this year and
   the long term.”

    

   Wickes Investor Relations 
   Andy Hughes +44 (0) 7767 365360 
    1 investorrelations@wickes.co.uk 

   Headland
   PR Adviser to Wickes 
    

   Lucy Legh, Will Smith +44 (0) 0203 805 4822
   wickes@headlandconsultancy.com 

    

   About Wickes

    

   Wickes is  a  digitally-led, service-enabled  home  improvement  retailer,
   delivering  choice,  convenience,  value  and  best-in-class  service   to
   customers across the United  Kingdom making it  well placed to  outperform
   its growing  markets. In  response  to gradual  structural shifts  in  its
   markets over  recent years,  Wickes has  a balanced  business focusing  on
   three key  customer journeys  -  Local Trade,  DIY (together  "Core")  and
   Do-it-for-me ("DIFM").

    

   Wickes operates from its network of 230 right-sized stores, which  support
   nationwide fulfilment  from  convenient locations  throughout  the  United
   Kingdom, and through its digital channels including its website,  TradePro
   mobile app for trade members, and  Wickes DIY app. These digital  channels
   allow customers to research and order an extended range of Wickes products
   and services,  arrange virtual  and  in-person design  consultations,  and
   organise convenient home delivery or click-and-collect.

   ══════════════════════════════════════════════════════════════════════════

   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

   ══════════════════════════════════════════════════════════════════════════

   ISIN:           GB00BL6C2002
   Category Code:  QRF
   TIDM:           WIX
   LEI Code:       213800IEX9ZXJRAOL133
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   240861
   EQS News ID:    1622679


    
   End of Announcement EQS News Service

   ══════════════════════════════════════════════════════════════════════════

    2 fncls.ssp?fn=show_t_gif&application_id=1622679&application_name=news&site_id=reuters8

References

   Visible links
   1. mailto:investorrelations@wickes.co.uk


============