DIY chain Wickes has seen shares jump higher after delivering better news on profits thanks to improving sales in the face of an ongoing clampdown on spending for big purchases.
The retailer saw like-for-like retail sales to DIY customers and local trade professionals rise 2.6% over the six months to December 28, up from growth of 0.6% in the first half.
It said recent actions had helped pare back comparable store sales declines across its design and installation ranges to 8.4%, against the 18.3% plunge seen in the previous six months.
In the fourth quarter, it said ordered design and installation sales returned to growth, while delivered sales fell 3.1% in a marked improvement on the 13.3% tumble recorded in the previous three months.
Shares in Wickes leapt more than 10% higher at one stage in Tuesday morning trading as it said full-year profits would be towards the upper end of the £39.7 million to £44 million range expected in the market.
Wickes said: “Design and installation sales improved across the second half, reflecting a number of actions we have taken to improve our customer offer and experience during 2024.
“While the market environment for larger ticket purchases remains challenging and the outlook uncertain, the changes we made to the business enabled ordered sales to move into year-on-year growth in the fourth quarter.”
