Company expects challenges in the short term but remains confident in long-term outlook

  • Wickes Group backs guidance for 2023 despite DIFM sales fall
  • DIFM sales fell 4.4% in Q3 due to normalizing orders and delays
  • Delivered sales expected to be affected in Q4 and now be delivered in 2024
  • Like-for-like sales at core business rose 1.1%, with growth in volume
  • TradePro rewards scheme for tradespeople shows double-digit growth

Wickes Group, the London-listed home improvement retailer, has reaffirmed its guidance for 2023 despite a decline in sales at its do-it-for-me (DIFM) business. In the third quarter, DIFM sales fell 4.4% due to normalizing orders and delivery delays. The company expects these challenges to continue in the fourth quarter, with some deliveries now being pushed to 2024. However, there was positive news for the company’s core business, as like-for-like sales rose 1.1% and saw growth in volume for the first time since Q2 2021. Additionally, Wickes’ TradePro rewards scheme for tradespeople continues to show strong double-digit growth, with an expanding customer base. Despite the short-term setbacks, Wickes Group remains confident in its long-term outlook.

Factuality Level: 8
Factuality Justification: The article provides specific information about Wickes Group’s sales performance, including the decline in sales at its do-it-for-me business and the reasons behind it. It also mentions the actions the company is taking to address the issue and the expected impact on delivered sales. The article includes data on like-for-like sales at the core business and the growth of the TradePro rewards scheme. The mention of market consensus for 2023 adjusted pretax profit adds further credibility to the information provided. Overall, the article presents factual information about Wickes Group’s sales performance and future expectations.
Noise Level: 6
Noise Justification: The article provides information on Wickes Group’s guidance for 2023 and the reasons behind the fall in sales at its do-it-for-me business. It mentions that the sales decline is due to normalizing orders and delays, and provides details on the expected impact on delivered sales in the fourth quarter. The article also mentions the growth in volume for the core business and the TradePro rewards scheme. However, it lacks in-depth analysis, scientific rigor, and actionable insights. It mainly focuses on reporting the company’s sales figures and market consensus for adjusted pretax profit.
Financial Relevance: Yes
Financial Markets Impacted: The article provides information about Wickes Group, a London-listed home improvement retailer. It mentions the company’s sales performance and its impact on the business.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the financial performance of Wickes Group and its sales outlook for the future. There is no mention of any extreme events.
Public Companies: Wickes Group (N/A)
Key People:

Reported publicly: www.marketwatch.com www.retailsector.co.uk