UK home improvement retailer Wickes posts Q3 revenue growth on pent-up demand (updated)
22/10/2024 07:57
(Adds background and LFL sales growth in paragraph 3,4)
Oct 22 (Reuters) - Home improvement retailer Wickes
WIX.L reported a 2.1% growth in group revenue on Tuesday as
customers caught up on outdoor projects that were pushed by the
wet weather during spring and early summer in Britain.
Wickes said its expectations for 2024 adjusted pretax profit
remains unchanged as it foresees pent-up demand to subside in
the final quarter.
The company said business at its design and installation
unit was stabilising with like-for-like (LFL) decline slowing to
13.3% in the 13-weeks ended September 28.
The retailer had reported weakness in the unit in the
previous quarter as consumers avoided big ticket purchases amid
a cost-of-living crisis, with unit posting a 18.9% decline in
LFL sales in the period.
The firm designs and installs kitchens, bathrooms and home
offices, sells branded and own-label do-it-yourself products and
also runs a local network through which customers can hire
tradesmen.
It's bigger peer Kingfisher KGF.L said last month that
demand for 'big-ticket' home improvements like kitchens and
bathrooms remained weak, but sales of outdoor furniture,
barbecues, fencing and decking was picking up.
(Reporting by Shanima A in Bengaluru; Editing by Janane
Venkatraman)
((shanima.a@thomsonreuters.com; (Direct: +91 72 5956 7774);))