Wickes Cos., Santa Monica, reported first-quarter net income of $120 million, compared to $20.6 million a year ago. Primary earnings per share, before extraordinary items, were 34 cents in the latest, compared to 2 cents last year. Excluding gains from the sale of securities, primary earnings per share were 4 cents in this year's first quarter, compared to 1 cent. Pretax gains on sales of securities for the quarter were $119.5 million, resulting from the sale by Wickes International Corp., a Wickes subsidiary, of its 85% interest in Wickes PLC, its English subsidiary. Pretax gains from securities sales for the first quarter last year of $3 million resulted from Wickes' sale of its investment in National Gypsum Corp. Sanford C. Sigoloff, Wickes' chairman and chief executive, said, to date, Wickes has reduced indebtedness by about $140 million in the current fiscal year."