Apr 28, 2021

Wickes counts on kitchens and bathrooms in London market return

Wickes is counting on a recovery in its kitchen and bathroom business to offset slowing growth rates in its core DIY market as it returns to the stock market after a two decade absence. Travis Perkins shares were down 8 per cent reflecting the removal of Wickes. Home improvement retailers were permitted to remain open during lockdowns and Wickes said same-store sales of its DIY ranges rose more than 18 per cent last year, with online sales doubling. Group sales were up by a more modest 5 per cent at £1.3bn and adjusted operating profit was £82m. The same pattern was evident in the first quarter, with core sales up 38 per cent but "Do-it-for-me" sales down 25 per cent. Wickes' return to the market was marred by a bizarre row over executive pay.

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