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British home improvement retailer Wickes says trade demand buoyant

Published 26/05/2022, 07:34
Updated 26/05/2022, 08:43
© Reuters.

© Reuters.

LONDON (Reuters) -British home improvement retailer Wickes said demand from trade customers, such as builders, plumbers and electricians, had remained "buoyant" so far this year, underlining the area as a rare bright spot in the economy.

Wickes, which demerged from Travis Perkins (LON:TPK) in April last year, said trade customer order books were at record levels.

Sales in the 20 weeks to May 21 had been 22.4% higher than three years earlier - that is, before the distortions created by the COVID-19 period - the company said.

Group like-for-like sales were down 0.6% year-on-year, with core sales down 7.2% year-on-year and delivered do-it-for-me (DIFM) sales up 30.9% year-on-year.

Wickes said it was continuing to win market share and manage inflationary pressures. It reaffirmed its full-year guidance.

"Our commitment to exceptional value has proven particularly effective amongst our local trade customer base, who continue to turn to us at a time when their own order books are at record levels," said CEO David Woods.

Home improvement retailers performed well during the pandemic, with more people turning to DIY (do it yourself) as they spent more time at home, had fewer leisure options and traveled less.

Wickes's bigger rival Kingfisher (LON:KGF) said on Monday both the DIY and trade markets were proving "resilient".

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