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Wickes revenue surges past £1.5bn as DIY chain acknowledges cost of living crunch

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Wickes revenue surges past £1.5bn as DIY chain acknowledges cost of living crunch

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Wickes has reported revenue has hit £1.53bn after rising 14 per cent last year.

Like-for-like sales were up 12 per cent on 2020 and 18.6 per cent on 2019, as lockdown shoppers turned to DIY projects.

David Wood, chief executive, said the company expected to continue outperforming the market. Wickes was “well-placed to capitalise on the ongoing requirement for home improvement – namely an ageing housing stock, favourable consumer trends, and the increased focus on insulating and retrofitting homes.”

He added: “While we recognise the pressure that consumers will be facing in 2022, we have the right model, a strong pipeline and order book, and remain confident of making further progress in the current year driven by a material increase in DIFM revenues.”

Brits are facing rising energy and grocery bills this spring as campaigners have warned of a cost of living crisis for millions of households.

The Watford-based retailer said trading in the first 11 weeks of the year was in line with last year, though the firm faced a backdrop of strong 2021 comparatives.

Core sales are down 6.7 per cent year on year and 26.3 per cent ahead of the two year-comparative, which Wickes said was driven by a frenzy of demand from local trade with trade customer order books at record levels.

Shares in the retailer shot up more than eight per cent in opening trade on Friday morning.



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