Wickes hit by reduced demand for big ticket home improvements
Wickes has posted a decline in annual revenue and profit following reduced demand from customers for big ticket home improvement products.
In the 52 weeks to 28 December, revenue edged down 1% to £1.54 billion, although retail revenue, which includes sales to DIY customers and local trade professionals, increased by 1.9% to £1.21 billion.
Adjusted pre-tax profit declined to £43.6 million from £52 million in the prior year due to weaker consumer demand for larger ticket items and operating cost inflation..
While Wickes’ TradePro business performed well with sales up 14%, design and installation delivered revenue fell by 10.5% due to softer demand for new kitchens and bathrooms.
David Wood, chief executive of Wickes, said: “2024 was a year of strong progress for Wickes as our balanced business model and brand strength saw us continue to deliver for customers and take further market share.
“We grew volumes and share throughout the year in retail as customers bought more of our products for their home improvement projects, however big or small.
“In design and installation, we have been encouraged by a return to growth in ordered sales in Q4 following the actions we took to enhance our customer offer and experience.”
Giving an update on more current trading, Wickes said sales in the first 11 weeks of 2025 were in line with expectations. While like-for-like growth continued in retail, delivered revenue growth remained negative, although ordered sales are in positive growth for the second quarter in a row.
Wood added: “Given the strong progress over the last twelve months and the good start to Q1, we are well on track for the coming year. I would like to thank my colleagues for their continued hard work and support and, together, we remain focused on helping the nation feel house proud.”
