Wickes has successfully established positive trading in all 3 business segments and has today reported another strong period, with 5.9% LFL growth in Q3. Within this, DIFM was +7% LFL and Retail was +5.6%, including Trade +c7% LFL. These growth rates are benefiting from a wide range of strategic and operational initiatives, and capacity withdrawal, and are driving market share gains. Capacity continues to exit the market too. Q3 performance is ahead of our H2 assumptions and, if margin momentum has continued from H1 too, there should be risk to the upside. Given the momentum and clear growth roadmap we have lifted our target price 11%.
