Wickes Group PLC (LSE:WIX) shares fell 9.7% to 183.4p after the home improvement chain reported a 0.1% fall in like-for-like sales in the first 17 weeks of the year.
Retail like-for-like (LFL) sales declined 1.7%, compared to 4.5% growth in the final quarter of last year.
Outdoor-focused projects were impacted by exceptional rainfall compared to more favourable conditions last year, while indoor projects remained in growth during the period, outperforming outdoor categories by approximately eight percentage points.
Price deflation remained negative, with positive underlying volume growth during the period.
Management noted that on a two-year basis, total sales were up 8.9%.
Broker Panmure Liberum said it was a "soft" update, estimating the three-year LFL run rate had weakened to approximately 4% from 6.4% in the fourth quarter of last year.
Offsetting the weakness in retail, TradePro sales increased 4% and Design & Installation sales (which analysts noted lag ordered sales by several months) increased 4.3%.
"Given deferred income was up 35% at year-end, we had expected some acceleration here, particularly against soft multi-year comparatives," said Panmure analyst Ben Hunt, estimating three-year LFLs are down 19% versus -12% at Q4.
On the outlook, management still expects retail sales to return to growth over the remainder of the year and is comfortable with the current adjusted PBT consensus range of £54-59.4 million.
Investec agreed it was a "far from ideal start" to the year, but highlighted that sales volumes still grew and market share was taken from rivals, "showing the strength of balanced revenue model and appeal".
House broker Peel Hunt flagged that Design & Installation saw a fourth consecutive quarter of growth.
"The Lifestyle range continued to see excellent take-up, while Bespoke kitchens slowed in the uncertain economic backdrop," it said.
As a result, ordered sales by value were slightly lower than the prior year, but the business continues to see growth in the volumes of orders, which is a vindication of the strategy, in our view."
Before today, the shares had fallen 16% in the year to date, while the wider sector had dropped 13%.
At the last close price of 203p, the shares traded for around 9x 2027 earnings and offered a 5.6% dividend yield, with Investec saying the valuation "remains undemanding".