DIY Sales Lag Behind Despite Strong Local Trade Performance
- Wickes downgrades full-year outlook despite strong Q2 sales growth
- DIY sales below pre-Covid levels, but local trade sales perform strongly
- TradePro customer base increases by 60,000 to 690,000 in H1
- CEO David Wood remains confident in the business model and value offer for customers
Wickes has downgraded its full-year outlook despite a 5.4% increase in LFL sales during the second quarter due to softening DIY and DIFM markets. The company now expects full-year adjusted PBT to be between £72-82m, down from a previous forecast of £83m. Despite this, local trade sales have shown strong performance with a 60,000 increase in TradePro customer base to 690,000 in H1. CEO David Wood remains confident in the business model and value offer for customers.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Wickes’ downgraded full-year outlook due to softening DIY and DIFM markets, its LFL sales growth, progress in core revenue and delivered DIFM performance, increase in TradePro customer base, and CEO David Wood’s comments on the company’s strategy. It also includes relevant details about supply chain challenges and store refits. The information is based on the company’s financial reports and statements, making it a factual news piece.
Noise Level: 3
Noise Justification: The article provides relevant information about Wickes’ financial performance and market trends, but it lacks in-depth analysis or exploration of the reasons behind the softening DIY and DIFM markets. It also does not offer significant insights or solutions for readers to apply.
Financial Relevance: Yes
Financial Markets Impacted: Wickes, DIY and DIFM markets
Financial Rating Justification: The article discusses Wickes’ downgraded full-year outlook due to softening in DIY and DIFM markets, impacting its financial performance and expectations. It also mentions the company’s strategies for managing supply chain inflation.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the article
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