Business
Trading Update for six months to 29 June 2024
Trading Update for six months to 29 June 2024.
About this update from Wickes Group Plc
[{"type":"text","content":"\n\n \n\n31 July 2024\n \n \nWickes Group plc - Trading Update for six months ending 29 June 2024\n \nSales & volume growth in Retail; market remains challenging in Design & Installation\nProfit outlook for the year remains unchanged\n \n \nIn the first half of 2024 Wickes has delivered continued sales and volume growth in Retail1 with LFL sales up 0.6%. Challenging market conditions have continued in Design & Installation2 where we saw LFL sales decline by 18.3%. Overall Group LFL sales decreased by 3.9% compared to the prior year. \n \n \n\n\n\n\n\n\n\n\n\n\nRetail1\n\n\nDesign & Installation2\n\n\nGroup\n\n\n\n\nH1\n26 weeks to 29 June\n\n\nRevenue\n\n\n£633.2m\n\n\n£166.7m\n\n\n£799.9m\n\n\n\n\nRevenue growth\n\n\n1.0%\n\n\n(17.0%)\n\n\n(3.4%)\n\n\n\n\nLFL revenue growth\n\n\n0.6%\n\n\n(18.3%)\n\n\n(3.9%)\n\n\n\n\nQ1\n13 weeks to 30 March\n\n\nRevenue\n\n\n£282.9m\n\n\n£80.8m\n\n\n£363.7m\n\n\n\n\nRevenue growth\n\n\n1.9%\n\n\n(17.3%)\n\n\n(3.1%)\n\n\n\n\nLFL revenue growth\n\n\n1.7%\n\n\n(17.6%)\n\n\n(3.3%)\n\n\n\n\nQ2\n13 weeks to 29 June\n\n\nRevenue\n\n\n£350.3m\n\n\n£85.9m\n\n\n£436.2m\n\n\n\n\nRevenue growth\n\n\n0.3%\n\n\n(16.7%)\n\n\n(3.6%)\n\n\n\n\nLFL revenue growth\n\n\n(0.2%)\n\n\n(18.9%)\n\n\n(4.4%)\n\n\n\n\n \n \nRetail sales remain resilient and we have continued to increase market share to record levels, demonstrating the continued strength of Wickes' great value and service-led proposition. Growth in the first half was driven by volume, with selling price deflation of around 3%. The phasing impact of the Easter peak trading period this year reduced Retail LFL sales in Q2 by 1.4%. \n \nWithin Retail, TradePro sales continue to perform strongly, up 14% in the half, reflecting a healthy pipeline of work for local trade professionals and continued sign-ups to the TradePro scheme. Active TradePro members have increased by 18% year-on-year to 541,000. DIY sales remain in moderate decline as customers continue to focus on smaller projects. \n \nDesign & Installation delivered sales3 in the half reflected the continued soft consumer appetite for larger ticket purchases and a strong comparative in H1 2023. Ordered sales4 in the first half have shown a single digit year-on-year decli...