Wickes’ sales were dragged down by poor trading across its design and installation arm in the first half as consumers held back on big ticket purchases.
The home improvement retailer’s total retail like-for-likes edged up 0.6% but revenues in its design and installation arm plunged 17%.
Wicked said there was “continued soft consumer appetite for larger ticket purchases” in the period, coupled with a strong comparative performance in the first half of 2023.
Group revenues slipped 3.4% to £799.9m, with like-for-likes down 3.9% on the previous year, though the business said its profit outlook for the year remains unchanged.
“Whilst the trading environment remains uncertain, given the resilient first half in retail and our continued focus on costs, the overall outlook for adjusted profit before tax for 2024 remains unchanged,” the company stated.
Chief executive David Wood said: “Our excellent value and service-led offer gives DIYers and tradespeople reason to keep coming back to Wickes.
“Against a challenging trading backdrop, we have grown volume and taken further market share in retail, with our TradePro scheme continuing to show strong momentum as local trade professionals turn to Wickes to save them time and money.
“We’re seeing good demand for our lower-priced Wickes Lifestyle Kitchens, reflecting customers’ desire for quality and value. We continue to invest in our growth levers and are particularly excited about the recent acquisition of Solar Fast”.
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