Wickes on track to meet FY forecasts as retail growth powers strong Q3

(Sharecast News) - DIY group Wickes on Tuesday said it was on track to meet full year expectations after reporting a 4% rise in third-quarter revenues driven by strong growth in retail trading.

Revenue for the three months to September 26 came in at £439m with retail sales up 6% to £331m. The company expects adjusted pre-tax earnings of £52.8m-£56.0m according to its own compiled consensus of analysts' forecasts.

"Customer growth continues to drive strong overall volume increases, with mild price inflation starting to come through after a sustained period of deflation," Wickes said in a trading update.

"Further market outperformance has led to continued market share growth, with notable strength in timber, flooring, roofing and garden."

Reporting by Frank Prenesti for Sharecast.com