Wicks saw group underlying sales decline by 4.2% in the 16 weeks to 20 April 2024.
Despite this, retail sales at home goods and DIY retailers increased by 0.6% during the period, but Wicks said this was due to volume due to an increase in the number of transactions as prices were seen in “mild deflation”. he said.
Wickes has recorded four consecutive quarters of year-over-year growth in overall retail sales, which it said shows “the continued attractiveness of Wickes' superior value and service-led proposition.” .
During this period, market share continued to grow and TradePro's sales increased by 12%. This indicates a “healthy order book for local trade professionals” and growth in the retailer's customer base.
Mr Wicks said the start of the year saw a “continuation of trends” from the fourth quarter of last year, with design and installation arm sales down 18.2%.
However, while DIY sales are still in a “moderate decline,” interior paint sales are up 13% year-on-year, which Wicks said is due to customer demand for home improvement and “smaller projects.” He attributed this to continued enthusiasm.
Increase market share
The company maintained its full-year profit outlook despite trading in an “uncertain” environment.
David Wood, CEO of Wicks, said: “In the first weeks of 2024, we have been encouraged by how DIY enthusiasts and local trade professionals continue to turn to Wickes as a trusted brand for great value and service. Market share grew again.
“While the market for large ticket products remains weak, Wickes Lifestyle Kitchen sales have grown significantly as we meet customer demand for quality and value.
“While the external environment remains uncertain, our overall profit forecast for the year remains unchanged. Looking ahead, we are targeting future growth through a program of store renovations, new store openings, and investments in both technology and SolarFast.” We will continue to invest and build an even stronger Wix for the future.”