Wickes has “exciting pipeline” of new stores as it targets 250 sites
Wickes has said it has an “exciting pipeline” of new stores planned, as the trade and DIY retailer targets a total of 250 locations in the medium term.
This comes as the retailer releases its interim results for the first half of 2024, a period during which it opened two new stores in Long Eaton and Durham.
During the same period, Wickes closed two underperforming stores in Ashton Gate in Bristol and Inverness, leaving the retailer with an estate comprising 229 stores at the end of June.
Wickes said its property plans for the second half of the year are on track, with a branch in Aberdeen – the retailer’s first new Scottish store in over a decade – opening in August, and a store in Leamington Spa due to open in the final quarter.
During the first half of the year, Wickes recorded a total revenue of £799.9m, a year-on-year decrease of 3.4%. Adjusted pre-tax profit also declined to £23.4m, down from £31.1m in the first half of 2023. However, Wickes said that trading in the third quarter so far has seen an improved trend.
David Wood, chief executive of Wickes, said: “We are on track for the remainder of the year and have been encouraged by trading at the start of the second half. Looking further ahead, our outstanding customer offer, proven growth levers and focus on cost control leave us well-placed within a home improvement market which continues to offer significant opportunities.”