REG-WICKES GROUP PLC WICKES GROUP PLC: Q3 Trading Update

WickesAnnouncement

27/10/2021 07:05

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   WICKES GROUP PLC (WIX)
   WICKES GROUP PLC: Q3 Trading Update

   27-Oct-2021 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   27 October 2021

                      Wickes Group plc - Q3 Trading Update

       Strong performance on a two-year basis, profit guidance confirmed

    

   Wickes Group plc ("Wickes" or "the Group") today provides a third quarter
   trading update and confirms profit guidance for the full year.

    

   Wickes continued to perform well in the third quarter, with a resilient
   sales performance. As expected, Core sales moderated as we annualised
   tough 2020 comparatives, and remained strongly ahead on a two-year basis,
   underpinned by our digital leadership and operational strengths.

    

    
                        1 Year Like for Like Sales 2 Year Like for Like Sales
                        Growth %                   Growth %

    
                          Core        DIFM  Total    Core        DIFM  Total
    
   Quarter 1
                           38.5%   (25.0)%   19.7%    51.5%   (28.3)%  25.6%
   (13 weeks to 27 Mar)
   Quarter 2
                           34.2%    185.7%   47.6%    38.4%   (27.5)%  19.7%
   (13 weeks to 26 Jun)
   Quarter 3
                          (2.3%)      0.7%  (1.6%)    27.4%   (12.4%)  16.3%
   (13  weeks to 25
   Sep)

    

   Core sales were supported by strong performance in local trade, where home
   renovations continue to drive robust order books for our trade customers.
   Wickes operational strengths meant supply shortages had no material impact
   on sales in the period. As reported across the industry, we have seen
   price inflation accelerate, and we continue to manage this responsibly by
   focusing on cash margin recovery while maintaining our leading price
   position.

    

   DIFM reported sales were ahead year-on-year, with an improving trend on a
   two year basis. As outlined at the interim results, Q3 DIFM ordered sales*
   were broadly in line with 2019. The total DIFM order book remains
   considerably higher year-on-year impacted by extended project completion
   lead times, and this will result in a higher carry over of orders into
   2022.

    

   The full year outlook for adjusted PBT** remains in line with our
   expectations and guidance given with the interim results.

    

   David Wood, CEO of Wickes commented: "This resilient performance has been
   underpinned by our digitally-led and service-enabled customer proposition,
   while our agile business model has enabled us to continue to navigate
   inflationary pressures and raw material constraints well. We are
   well-placed within a large and growing home improvement market, and look
   to the future with confidence. I would like to thank all of my colleagues
   for their hard work and support as we continue to help the nation feel
   house proud."

    

   Wickes                            Headland +44 (0) 0203805 4822
   Investor Relations                PR Adviser to Wickes
   Andy Hughes +44 (0) 777 669 2736  Lucy Legh, Will Smith, Charlie Twigg
    1 investorrelations@wickes.co.uk  2 wickes@headlandconsultancy.com
                                      

   *Ordered Sales are sales  at point of  order rather than  delivery/project
   completion which triggers sales recognition in the accounts

   **Adjusted PBT represents profit before tax on an IFRS basis and  excludes
   adjusting items which will comprise demerger costs and IT separation costs
   for 2021

    

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   ISIN:           GB00BL6C2002
   Category Code:  TST
   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.:   125262
   EQS News ID:    1243829


    
   End of Announcement EQS News Service

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References

   Visible links
   1. mailto:investorrelations@wickes.co.uk
   2. mailto:wickes@headlandconsultancy.com


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