Investment:Wickes does it in style
Friday 04 September 1998
INTERIM figures from Wickes yesterday provided further evidence of the DIY group's rehabilitation after its accounting fiasco two years ago Profits of pounds 115m compared with a loss of pounds 147m in the first half last year And like-for-like sales growth of 51 per cent in the half and 69 per cent in current trading was impressive, given the usual litany of excuses such as the poor weather and the World Cup
But the key development yesterday was the decision to roll out its Crystal store format Wickes started testing the idea in six stores in April The concept adds softer, decorating products such as wallpaper and floor coverings to the usual fare of building-material products
Though this would appear to risk fighting on the home ground of rivals such as Homebase and B&Q, and diminishing the breadth of the range in its core "heavy" products, the figures show otherwise
Like-for-like sales in the six stores tested showed gains of 20 per cent since the re-fit Group margins rose from 303 per cent to 312 per cent
A further 30 stores will be re-modelled during next year with the whole chain completed by 2001 On top of the pounds 5m investment in the trial stores, pounds 65m will be required to develop the whole portfolio
On full-year forecasts of pounds 225m, the shares - up 23p to 2365p yesterday - trade on a forward rating of only eight A decent gamble on a recovery play and there is always the possibility of a bid
Liam Neeson's Downton dreams
Thriller is set in the secret world of British espionage
Bomber jacket worn by Mary Berry sells out within an hour
- 1 Scottish independence: Learn from Quebec's mistakes and beware of promises. Vote Yes.
- 2 iOS 8 is full of shiny new features - but it's terrible news for app developers
- 3 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 4 Hitler’s former food taster reveals the horrors of the Wolf’s Lair
- 5 Cocaine and cannabis haul hidden in Vatican car seized by French police
Scottish independence referendum live - The reunited kingdom: Scotland gives a clear 'No' to independence in historic referendum
Archbishop of Canterbury admits doubts about existence of God
Scottish independence: YouGov final prediction puts No campaign 8 points ahead - but Yes team remains optimistic
Scottish independence: Tory revolt against 'devo max' grows as Rail Minister Claire Perry joins
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Scottish independence: The Queen breaks silence on referendum debate – as think tank warns of £14bn black hole if Scotland votes Yes
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...
To £85,000 + banking benefits: Saxton Leigh: You will be expected to carry out...
Up to £90,000 + benefits: Saxton Leigh: Credit Risk Audit Manager required to ...