Wickes Group PLC (LON:WIX) confirmed its profit guidance for the first half of the year as it reported sales “continued to perform well”.
In an update for the 26 weeks to June 26, the DIY and building products retailer said like-for-like (LFL) sales were up 33.1% year-on-year, with LFL sales jumping 47.6% in the second quarter.
READ: Wickes says profits to come at top of range thanks to strong revenue
The company said its core volumes had “continued to grow strongly” driven by both local trade and DIY, adding that investment in its digital proposition had also helped boost its outperformance of the market.
Meanwhile, Wickes said sales in its do-it-for-me (DIFM) business had been impacted in the first half by the enforced closure of its kitchen and bathroom showrooms until April 12,. Since reopening sales jumped 30% on a two-year basis and will help support “positive delivered sales growth” in the second half of the year.
As a result, the firm said its first half pre-tax profit guidance of around £45mln remains unchanged and that its outlook for the full year also remains in line with expectations.
"This performance once more reflects the strength of our business model and the tremendous support from our colleagues who have worked with tireless dedication to help the nation feel house proud. We are managing to navigate inflationary pressure and industry wide raw material constraints by working closely with our suppliers, and we remain on track to continue to grow in a responsible and sustainable way, providing our customers with the products they need at the best possible value", Wickes chief executive David Wood said in a statement.
Shares in Wicked jumped 1.1% to 249.8p in early deals on Wednesday.