Wickes reports 14% rise in full-year sales as digital helps to drive growth

Encouraging shoppers to buy on the internet has assisted Wickes develop swiftly. Picture courtesy of Wickes

Wickes currently says digital has assisted it to grow its product sales, specifically in the do it for me (DIFM) sector, more than its most recent complete-12 months.

The Major500 retailer suggests the results of its digital consumer expertise – which includes a free virtual design assistance – and an extended products variety, assisted develop its sales. 

The update will come as Wickes reviews revenue of £1.5bn in the 53 weeks to January 1 2022. That is up 14% from very last 12 months, when it turned about £1.35bn. 

Pre-tax revenue came in at £85m – a 71.7% maximize from £49.5m previous yr. This defeat the retailer’s anticipations which were established out in December. 

The home advancement retailer, which is rated Major50 in RXUK Top500 study, also documented a 13% boost on like-for-like income – that strip out the influence of organization and retail outlet openings and closures – as opposed to the past calendar year, and an 18.6% increase on two many years before.

David Wooden, chief govt of Wickes states: “The effects we are seeing, as well as these sturdy returns, give us self esteem to speed up our investments to drive more development.

“Seeking forward, we hope to continue on outperforming the sector and are very well-placed to capitalise on the ongoing requirement for household advancement – namely an ageing housing stock, favourable client trends, and the greater concentrate on insulating and retrofitting residences. When we recognise the stress that shoppers will be dealing with in 2022, we have the right design, a strong pipeline and get guide, and continue to be self-confident of producing additional progress in the existing yr driven by a content boost in DIFM revenues.”

The retailer claims it expects its industry overall performance to go on heading solid and hopes to capitalise on client need for Diy and household enhancement products which emerged all through pandemic-associated lockdowns. 

Multichannel strategy 

The retailer says digital progress and solution innovation has “underpinned” its performance in the DIFM group and will continue to accelerate its future progress. Its virtual showroom journey and virtual tour operation have enabled the retailer to acquire prospects by the design and income approach remotely, supported by its structure consultants. “The proportion of sales opportunities by way of our electronic channels has continued to improve strongly over the 12 months, and we anticipate further more progress here in 2022,” suggests Wickes in its full-yr statement.

Wickes is nonetheless building its electronic present to improve the consumer encounter. Its Missions Motivation Motor assists it to come to be concerned quicker in customers’ job arranging – and to enhance its share of spending on just about every challenge. Its kitchen electronic practical experience has been prolonged to bathrooms, and the retailer is now working with virtual and augmented fact to strengthen the showroom journey on the web and in keep. 

Its Do-it-yourself cellular application launched in the fourth quarter of 2021, and Wickes states conversion premiums are now double that of other devices. Extra payment options are to be included, though the retailer also aims to improve the accessibility of its prolonged assortment.  payment selections and bettering the accessibility of our prolonged array.

Going forward, Wickes says it is now established to comprehensive its retail store refit programme, which will see the opening of up to 20 new merchants more than the subsequent five many years. 

In a further more shift, the retailer also declared right now plans to roll out new distribution and offer chain initiatives across its business having successfully managed added desire in its retailer and distribution environments.