Wickes HY profit falls to £23.4m

Wickes has revealed that its adjusted profits fell to £23.4m, down from £31.1m, for the 26 weeks ended 29 June 2024.

Alongside this, the DIY retailer saw its total revenues fall 3.4% year-on-year from £827.7m down to £799.9m.

However, its operational costs were flat year-on-year following planned management action taken to mitigate the impact of inflation.

Despite the downturn, the company still saw a record retail market share with particular gains in the strategic categories of decor, garden, tiles and flooring.

It also saw its investment in new stores and refits driving returns, with three refits completed and two new stores opened.

Wickes stated that Q3 trading has seen an “improved trend” and as a result has reiterated its FY guidance.

David Wood, chief executive of Wickes, said: “This first half performance is testament to the hard work of all our colleagues and demonstrates the strength of our balanced business model. We achieved further volume growth and record market share gains in Retail, with TradePro remaining a key differentiator. The market for Design and Installation remained tough during the half and Wickes was not immune; nonetheless, we have seen a positive response to our value-led Wickes Lifestyle Kitchen range, which is growing strongly.

“We are on track for the remainder of the year and have been encouraged by trading at the start of the second half. Looking further ahead, our outstanding customer offer, proven growth levers and focus on cost control leave us well-placed within a home improvement market which continues to offer significant opportunities.”