Wickes Group (WIX.L): 1H26 Trading implies return to LFL growth in 2Q, management comfortable with market expectations

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Wickes Group (WIX.L): 1H26 Trading implies return to LFL growth in 2Q, management comfortable with market expectations

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21 Jul 2026 02:45:55 ET │ 10 pages

Wickes Group (WIX.L)

1H26 Trading implies return to LFL growth in 2Q, management

comfortable with market expectations

CITI'S TAKE Neutral

Price (20 Jul 26 16:30) £1.91 Wickes has reported 1H26 trading with Group sales +2.1% YoY / +0.6 LFL

Target price £2.27 implying a sequential acceleration of c.+2pp in May/Jun (latter 9wks) vs.

+1.3% YoY /-0.1% LFL for (first 17wks). Retail sales picked up momentum Expected share price return 18.8%

with the onset of better weather with 1H LFL of -0.4% implying a 9w exit Expected dividend yield 5.8%

rate of +1.8% after -1.7% LFL in the first 17w. The co. continue to comment Expected total return 24.6%

on volume-led growth with a deflationary impact (we estimate c.-3pp) Market Cap £435M

from pricing. TradePro sales / active member growth remains strong with US$575M

+6%/+9% growth in 1H26 (vs. +4%/+9% YoY in the first 17w). D&I LFLs

were +3.6% in 1H, implying a 9w exit rate of +2.4% (-2pp deceleration vs.

strong +4.3% LFL in the first 17w). Overall, management remain on track

with current PBT expectations for FY26e (£55.4m Adj.PBT) albeit we Vandita SoodAC

expect profitability is likely 2H weighted given timing of business rates +44-20-7500-7262

and productivity plans. vandita.sood@citi.com

Monique Pollard

Implications — We expect a slightly negative price reaction given sales and profits +44-20-7508-0686

are now more contingent on 2H delivery. That said, shares are -6% lower since monique.pollard@citi.com

before the 1Q trading update, and the co. remain comfortable with consensus.

Elizabeth Moore

+44-20-7986-0051

elizabeth2.moore@citi.com

Jamie Bass

+44-20-7508-6383