UK retailer Wickes soars 12% after upbeat profit forecast (updated)
28/01/2025 08:45
(Adds shares in paragraphs 1 and 6; CEO comment in paragraph 3)
Jan 28 (Reuters) - British home improvement retailer
Wickes WIX.L on Tuesday forecast 2024 profit would be at the
higher end of market expectations on strong demand for garden
project-related equipment and for interior paint, sending shares
12% higher.
Home improvement retailers have had a tough year on
slowing demand for big projects, but Wickes said that sales at
its design and installation business were declining at a slower
pace.
"Looking to the year ahead we are well positioned to
outperform the market as we continue to invest in our strategic
growth levers," CEO David Wood said in a statement.
The company's group revenue rose 1.8% in the second half of
the year, compared with a 3.4% fall in the first half.
Wickes said it estimated adjusted pretax profit would be at
the upper end of a company-compiled analysts' forecast range of
39.7 million pounds to 44 million pounds ($49.3 million - $54.7
million).
Shares in Wickes, which made a market debut in April 2021,
jumped nearly 12% to 172 pence and are on track for their best
day ever.
($1 = 0.8046 pounds)
(Reporting by Simone Lobo and Yadarisa Shabong in Bengaluru;
Editing by Savio D'Souza and Eileen Soreng)
((Simone.Lobo@thomsonreuters.com; +919920570373;))