Wickes's first-quarter sales were flat, with heavy rainfall dampening demand for outdoor projects

Investing.com - The UK home improvement retailer Wickes Group (LON:WIX) announced its first-quarter results for fiscal year 2026 on Tuesday. Due to unusually heavy rainfall, demand for outdoor projects declined significantly, while same-store sales remained flat.

The company’s total group revenue for the first quarter was £537 million, up 1.3% year-over-year, with same-store sales for the quarter ending in May down 0.1%. This marks the first time since Q2 2024 that retail same-store sales have experienced negative growth.

The retail division’s same-store sales decreased by 1.7%, compared to a 4.5% increase in the previous quarter (Q4). Management mainly attributed this decline to adverse weather impacting outdoor categories, while indoor categories continued to show growth.

Wickes’ design and installation business demonstrated strong resilience, with same-store sales increasing by 4.3%, slightly below the 5.2% growth in the previous quarter, with the overall revenue for this segment rising by 6.4%.

Despite some challenges in the first quarter, management expressed confidence in achieving a full-year adjusted pre-tax profit of £57.1 million, with analysts’ forecast range between £54 million and £59.4 million. The company expects the retail division to recover and grow in subsequent quarters.

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