Earnings release
Page 1
27 October 2021 Wickes Group plc - Q3 Trading Update Strong performance on a two - year basis , profit guidance confirmed Wickes Group plc ( " Wickes " or " the Group " ) today provides a third quarter trading update and confirms profit guidance for the full year . Wickes continued to perform well in the third quarter , with a resilient sales performance . As expected , Core sales moderated as we annualised tough 2020 comparatives , and remained strongly ahead on a two - year basis , underpinned by our digital leadership and operational strengths . Quarter 1 ( 13 weeks to 27 Mar ) Quarter 2 ( 13 weeks to 26 Jun ) Quarter 3 ( 13 weeks to 25 Sep ) 1 Year Like for Like Sales Growth % Core 38.5 % 34.2 % ( 2.3 % ) DIFM ( 25.0 ) % 185.7 % 0.7 % Total 19.7 % 47.6 % ( 1.6 % ) Wickes Investor Relations Andy Hughes +44 ( 0 ) 777 669 2736 investorrelations@wickes.co.uk 2 Year Like for Like Sales Growth % Core 51.5 % 38.4 % 27.4 % DIFM ( 28.3 ) % ( 27.5 ) % ( 12.4 % ) Headland +44 ( 0 ) 0203 805 4822 PR Adviser to Wickes Total Lucy Legh , Will Smith , Charlie Twigg wickes@headlandconsultancy.com 25.6 % Core sales were supported by strong performance in local trade , where home renovations continue to drive robust order books for our trade customers . Wickes operational strengths meant supply shortages had no material impact on sales in the period . As reported across the industry , we have seen price inflation accelerate , and we continue to manage this responsibly by focusing on cash margin recovery while maintaining our leading price position . 19.7 % DIFM reported sales were ahead year - on - year , with an improving trend on a two year basis . As outlined at the interim results , Q3 DIFM ordered sales * were broadly in line with 2019. The total DIFM order book remains considerably higher year - on - year impacted by extended project completion lead times , and this will result in a higher carry over of orders into 2022 . 16.3 % The full year outlook for adjusted PBT ** remains in line with our expectations and guidance given with the interim results . David Wood , CEO of Wickes commented : " This resilient performance has been underpinned by our digitally - led and service - enabled customer proposition , while our agile business model has enabled us to continue to navigate inflationary pressures and raw material constraints well . We are well - placed within a large and growing home improvement market , and look to the future with confidence . I would like to thank all of my colleagues for their hard work and support as we continue to help the nation feel house proud . " * Ordered Sales are sales at point of order rather than delivery / project completion which triggers sales recognition in the accounts ** Adjusted PBT represents profit before tax on an IFRS basis and excludes adjusting items which will comprise demerger costs and IT separation costs for 2021