Wickes Group (WIX) Trading Update summary

Trading performance and sales trends

• Retail segment achieved LFL sales growth of 0.6% in H1 2024, with volume gains offsetting a 3% decline in selling prices.

• Design & Installation LFL sales declined by 18.3% due to soft consumer demand for large-ticket items and a strong prior-year comparison.

• Overall group LFL sales fell 3.9% year-on-year, with total revenue at £799.9m for the half year.

• TradePro sales rose 14%, with active members up 18% to 541,000, while DIY sales saw moderate decline.

• Wickes Lifestyle Kitchens in the Design & Installation segment grew 18.8% year-on-year.

Strategic initiatives and investments

• Completed acquisition of Solar Fast, now included in Design & Installation sales, with rollout in 50 stores and online.

• Opened two new stores and refitted three, with 78% of the estate now upgraded and refits delivering over 25% return on invested capital.

• Continued investment in digital channels and customer experience enhancements.

Cost management and financial position

• Ongoing productivity initiatives and technology investments are driving cost savings, especially in distribution and customer service.

• Simplification of Design & Installation operations is expected to yield further cost efficiencies.

• Net cash at half year stands at £151.5 million, supporting a strong balance sheet.