Wickes targets 20 new stores
Wickes is targeting 20 new stores over the next five years, despite an increase in cost inflation hurting its profits.
The DIY retailer is opening three new stores in the second half of the year, having already launched a new outlet in Chelmsford in July.
During the first half of the year, the retailer completed six refits, with a total of 11 planned for the entirety of 2023.
This comes as Wickes releases its interim results for the six months to 1 July 2023, a period during which the retailer recorded a year-on-year increase in revenue of 0.7% to £827.7m, driven by an increase in ‘do it for me’ (DIFM) sales.
However, the retailer’s reported pre-tax profit declined to £21.1m during the period, down from £33.5m in the first half of 2022.
Wickes said that this decline in profit was due to cost inflation exceeding revenue growth.
The retailer said that trading in July and August had been in line with its expectations, and it continues to expect full year adjusted profit before tax to be between £45m and £48m, in line with the market consensus.
David Wood, Wickes chief executive, said: “This was another positive period for the business, underpinned by the strength of our balanced business model and outstanding customer service delivered by our colleagues. We achieved a sales uplift and strong conversion rates in DIFM, while delivering another strong performance in local trade due to our market leading value on the lines that matter most.”