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Howden Joinery revenues jump 15%, on track for the year
FTSE 250 kitchen maker Howden Joinery posted a jump in first-quarter UK revenue on Wednesday as it benefited from an extra week of trading compared to 2017, higher volumes and a weak comparative.
In the 16 weeks to 21 April, UK revenue was up 14.8% overall, and 13.3% higher on a same deposit basis compared to the equivalent period last year. Excluding the extra trading days in this period compared to the same period in 2017, overall sales were up 10%, while like-for-like sales were 8.6% higher.
Shore Capital said this was "marginally above" its expectations, mostly driven by the long maturity profile of recently opened stores.
"Looking forward, we are on track with our plans for the year as a whole and note the tougher comparatives from the prior year as the year progresses. We remain watchful of market conditions.
"While we did not increase prices at the start of the year, we did implement an increase at the start of April."
Howden, which operates from 664 depots in the UK, has opened three new depots so far this year and plans to open 30 during 2018.
At 0810 BST, the shares were up 5% to 504.20p.