Home improvement retailer Wickes on Friday lifted full-year profit guidance as it continued to trade well in the fourth quarter to date.
The group, which in April demerged from Travis Perkins, said it expected 2021 pre-tax profit of no less than £83m, compared with analyst estimates of £74m – £75million.
Wickes said delivered sales in the Do It For Me category were strengthening, reflecting a strong order book, which it expected to carry over.
Core sales were lower against tough comparative numbers last year but remained materially ahead versus 2019, before the Covid-19 pandemic impacted trading.
Wickes also reported a better-than-expected margin performance, adding that it had mitigated pressures from rising inflation and freight costs.
“Whilst the recent changes to UK Government Covid-related guidance (in response to the new Omicron variant) are unlikely to have a material impact on performance over the balance of the year, the trading environment continues to remain uncertain and we will monitor the situation closely,” it said.
The DIY sector enjoyed a boom last year as people took on home improvement projects during Covid lockdowns.
Rival Kingfisher, which owns the B&Q and Screwfix chains, last month forecast full-year profit towards the higher end of previous guidance, and said it believed trends would continue.
