Wickes sees like for likes sales continue to suffer
Wickes has seen sales drop in the past quarter in a ‘very challenging’ market.
The chain saw like for like sales drop by 4.2% in the quarter to 29 September and for the nine month period.
‘The UK DIY market continues to be very challenging for Wickes, where significant price pressure and weak consumer confidence is providing a tough trading backdrop,’ said John Carter, chief executive of parent Travis Perkins.
The market environment in UK DIY remains challenging, resulting in continued volume declines in Wickes in both core DIY and kitchen and bathroom showroom categories. Significant pricing competition across the sector has prevented the recovery of cost price inflation, albeit pricing pressure has begun to moderate in recent weeks, and kitchen and bathroom order activity has shown some early signs of recovery. Cost reduction activities are progressing as planned, with reduced distribution costs and tight control of overhead costs.’