Wickes which demerged from Travis Perkins earlier this year has raised its profit guidance. In its latest trading update, the business confirmed that its core sales were lower YOY against what is said were tough comparatives but that they remain materially ahead of a two-year basis driven by strong performance from local trade. The DIY and construction sector has, as widely reported, been severely impacted by supply chain issues and stock shortages across key product groups.
However, Wickes advised that its revised FY2021 underlying profit before tax guidance would be no less than £83m, ahead of its £65-75m range guidance.
CEO Dave Wood commented: “This has been a period of further progress for Wickes, where our focus on value, stock availability and exceptional service have underpinned our customer offer. Our forward planning and early strategic decisions have resulted in an improved profit performance, and we continue to navigate inflationary pressures and raw material constraints well.”
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