Wickes profits dented by challenging year
Home improvement retailer Wickes has posted a drop in profit after what it described as a challenging year.
In the 12 months to 31 December, the company’s adjusted pre-tax profit fell to £75.4 million, in line with guidance, following a record £85 million in 2021.
However, total revenue edged up 1.8% to a record £1.56 billion as like-for-like sales rose by 3.5%.
David Wood, Wickes chief executive, said: “This was a period in which we achieved record sales and made further market share gains. While profit declined, the outcome is still significantly ahead of the pre-Covid period. Our performance was underpinned by our balanced business model, digital leadership and ability to offer the best value and service across Trade, Do-It-For-Me and DIY. This has been achieved due to the expertise and dedication of our 8,100 colleagues, and I would like to thank each of them for their support over the last 12 months.”
During the year, Wickes broadened its DIY customer appeal through the introduction of a 30 minute click & collect service, Klarna payment options, and the launch of its Wickes eBay store.
The company said trading in the first 11 weeks of 2023 was in line with expectations with core sales moderately behind the same period last year.
Wood added: “Whilst we are mindful of the macroeconomic backdrop, we remain confident in our ability to drive further market share gains given the strength of our proposition and improvements we have made to our offer.”
