- Like-for-like DIFM (Do It For Me) down by 4.4% in third quarter
- However core like-for-like sales grew for the third quarter by 1.1%
Wickes Group revenues suffered a dip in DIY sales in the third quarter, partially as a result of software issues.
The retailer saw like-for-like DIFM (Do It For Me) sales reduce by 4.4 per cent in the three months to 30 September, which it told investors was ‘partially driven by a more normalised order book compared with the first half’.
Wickes said it also experienced ‘some delays’ to delivered sales ‘as a result of the transition to a new software solution’ tasked with fulfilling customer orders.
It added: ‘Actions are being taken to enable this to be resolved, although there will be some impact on Q4 delivered sales which will now fall into FY2024.’
The DIY retailer saw like-for-like DIFM (Do It For Me) sales reduce by 4.4 per cent in the third quarter, which it says was ‘partially driven by a more normalised order book compared with the first half’
The Watford-based group posted like-for-like sales growth for the third quarter of 1.1 per cent, with growth in volume for the first time since the second quarter of 2021.
TradePro sale showed double digit improvement and Wickes said its customer base was continuing to grow strongly.
David Wood, chief Executive of Wickes, said: ‘Once again thanks to our amazing colleagues we have delivered a solid performance in a challenging market as we continue to deliver against our strategic growth drivers.
‘In our Core business we have gained further market share and achieved a return to volume growth.’
In July, the group revealed a £25million share buyback plan on the back of improved DIY sales.
The home improvement retailer posted a 3 per cent rise in like-for-like sales in the three months to the end of June, after suffering a 1.8 per cent fall in the first quarter, as comparable sales edged 0.7 per cent higher overall.
Wickes also cited improved confidence in its balance sheet in its assessment that ‘surplus cash currently exists’ for shareholder payouts.
Wood added: ‘We have fulfilled strong demand from our Trade customers and been encouraged by greater stability in DIY.
‘As we continue to rollout our programme of store openings and refits, I am confident that we have the right product offer and the most attractive locations – enabling us to deliver value for customers and shareholders.’
Wickes shares are up by 1.06 per cent to 132.90p in Friday morning trading.
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