Home improvement retailer Wickes has revealed accelerating sales growth as customers saw prices start to rise again.
Wickes boss David Wood said the group is on track to meet profit guidance for the year after “good momentum” in recent months.
On Tuesday, the London-listed firm said it saw a “significantly improved performance” from its core retail business over the latest quarter.
It reported that total group sales grew by 4.5% to £439 million for the three months to September 26, compared with the same period a year earlier.
It reflected faster growth for the business, improving from 2.3% growth in the previous quarter.
Retail sales jumped by 6% to £331 million for the quarter, helping to offset slower growth from the firm’s design and installation operation.
Wickes said customer growth was driven by stronger volumes but it added that “mild” price inflation is “starting to come through” after a sustained period of easing prices.
The company said it is outperforming the wider market on the back of strength in timber, flooring, roofing and garden products.
Within retail, the firm also reported an 8% increase in sales through its TradePro business, which connects customers with tradespeople.
The retail group opened two new stores, in Saffron Walden, Essex, and Colne, Lancashire, during the quarter, alongside three store refits.
Mr Wood, chief executive of Wickes, said: “We’ve delivered a strong third quarter, with growth accelerating across retail as more customers choose Wickes for their home improvement projects.
“Our continued market share gains demonstrate the strength of our value-led proposition and our ability to outperform in a competitive market.
“With good momentum across the business, we remain on track to deliver market expectations for full-year profit.”
This article was written by Henry Saker-Clark from The Evening Standard and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.