Wickes returns Retail to growth as TradePro membership reaches 671,000

What has Wickes reported?

Wickes Group has delivered a solid second quarter, with revenue growth across both Retail and Design & Installation.

Group revenue rose by 2.3% year-on-year to £483 million during the 13 weeks to 27 June 2026. Like-for-like, or LFL, revenue increased by 0.9%. LFL growth measures performance excluding the effect of changes to the store estate, making it useful for assessing the underlying direction of trading.

The update was driven by higher sales volumes and customer growth, although the company continues to operate in what it describes as an uncertain consumer environment.

Importantly, management remains comfortable with market forecasts for 2026 adjusted profit before tax, or PBT. Analyst consensus as at 3 June 2026 was £55.4 million, within a range of £52.8 million to £58.0 million.

The key trading figures

Metric	Q1 2026	Q2 2026	H1 2026
Retail revenue	£274 million	£366 million	£640 million
Retail revenue growth	-0.4%	1.8%	0.8%
Retail LFL growth	-1.7%	0.6%	-0.4%
Design & Installation revenue	£109 million	£117 million	£226 million
Design & Installation revenue growth	7.8%	3.8%	5.7%
Design & Installation LFL growth	5.7%	1.8%	3.6%
Group revenue	£383 million	£483 million	£865 million
Group revenue growth	1.8%	2.3%	2.1%
Group LFL growth	0.3%	0.9%	0.6%

The progression between the first and second quarters is encouraging. Retail moved from falling revenue and negative LFL sales in Q1 to growth on both measures in Q2.

For the first half as a whole, group revenue increased by 2.1%, while LFL revenue was 0.6% higher.

Retail returns to positive growth

Retail revenue rose by 1.8% in Q2 to £366 million, with LFL sales increasing by 0.6%.

Wickes says customer growth continued to generate strong volume increases, despite a deflationary pricing environment. Put simply, the business sold more products even though pricing was under downward pressure. That is a healthier source of growth than relying solely on price increases.

Management also says further market outperformance produced continued market share growth during the first half compared with the previous year. No market share percentage was disclosed.

The two-year comparison adds further context, with Retail LFL sales up 8.5%. That suggests the division is trading materially ahead of the equivalent period two years earlier, even though first-half LFL growth against 2025 remained slightly negative at -0.4%.

TradePro remains a key growth engine

TradePro sales increased by 6% year-on-year, while the number of active members rose by 9% to 671,000. Wickes defines active members as those who have shopped with the company during the past 12 months.

This is a useful indicator for investors because local trade professionals are an important part of Wickes' Retail business. Growth in active membership broadens the customer base, while higher sales suggest Wickes is converting that membership into revenue.

DIY sales were broadly flat. That is less impressive than TradePro's performance, but it does not indicate a sharp deterioration in demand.

Digitally-led Click & Collect and Home Delivery sales increased by 7%. Wickes attributes this to investment in speed and ease. The growth supports the company's description of itself as a digitally-led retailer, rather than digital simply being a secondary sales channel.

Design & Installation offers a mixed picture

Design & Installation revenue increased by 3.8% to £117 million in Q2, with LFL growth of 1.8%.

Delivered sales have now grown for five consecutive quarters. Revenue in this division is recognised once delivery and installation, where applicable, are complete. Lifestyle Kitchens and Bespoke Bathrooms continued to generate what Wickes described as impressive growth.

However, there is a point of caution within the forward-looking order data.

Customers are taking longer to consider larger purchases, and orders for Bespoke Kitchen ranges have slowed. Although the overall number of Design & Installation projects increased, the value of ordered sales during the period was slightly lower than a year earlier.

That distinction matters. Current reported revenue reflects projects already delivered, whereas ordered sales provide some indication of work that may convert into future revenue. A lower order value does not automatically mean delivered revenue will decline, but it is a trend investors will want to monitor at the half-year results.

Store investment is accelerating

Wickes refitted or refreshed eight stores during the first half and closed one location. It operates a network of 229 stores across the UK.

For 2026, management expects to:

• Open four to five new stores
• Refit or refresh 15 to 20 stores

The programme is intended to support growth by improving existing locations while expanding the estate. It also means execution and capital discipline will matter, particularly if consumer confidence remains subdued.

No total expected cost for the 2026 opening and refurbishment programme was disclosed in this announcement.

Cash remains a source of strength

Wickes reported half-year net cash of £152 million, compared with £158 million a year earlier.

The £6 million year-on-year reduction comes after £10 million of share buybacks and a further £10 million of share purchases for the Employee Benefit Trust during the half.

That context is important. The balance sheet remained strongly cash-positive despite £20 million of share purchases, although the announcement did not disclose operating cash flow, capital expenditure or full-year net cash guidance.

A strong balance sheet gives Wickes financial flexibility as it invests in store openings, refits, digital services and other growth initiatives. It can also offer some protection if consumer spending weakens.

What supports the 2026 profit outlook?

Management expects modest market growth during the remainder of 2026 and believes Wickes can continue outperforming the wider market.

Several factors support its confidence:

• Continued customer and volume growth
• Strong TradePro sales and membership growth
• Positive Design & Installation delivered sales
• Digital channel growth
• A productivity plan expected to support second-half profitability
• Lower business rates during 2026

Wickes therefore remains comfortable with consensus expectations for adjusted PBT. However, the company has not upgraded guidance, and the uncertain consumer backdrop remains relevant.

What should investors watch next?

The second-quarter improvement is a clear positive, particularly Retail's return to LFL growth and TradePro's continued momentum. Volume-led growth and a £152 million net cash position also provide encouraging foundations.

The main question is whether these trends can translate into stronger profitability during the second half. Investors should watch Retail LFL sales, the value of Design & Installation orders, progress on the productivity plan and delivery of the store investment programme.

Wickes expects to publish its half-year results in mid-September 2026. Those figures should provide a fuller view of margins, cash generation and whether softer Bespoke Kitchen orders are affecting the division's future revenue pipeline.