Wickes sees H1 profits fall 6.2% to £33.5m
As stated in Wickes 26 July trading update, the company has seen a recent softening of the DIY market from the very high levels of demand experienced during the pandemic. The company has reaffirmed its guidance for full year adjusted profit before tax in the range of £72 - 82m.
Wickes has reported that its profits before tax declined by 6.2% for the first half of 2022, to £33.5m compared with £35.7m for the same period last year.
The company saw revenue growth of 1.3% to £822.3m from the 22 weeks ended 2 July 2022, compared with £812.0m in H1 2021 with like for like sales up 0.8% compared with 2021, and 23.4% on a three-year basis
Wickes has also seen acceleration in its membership growth of its TradePro loyalty scheme, with around 10,000 new customers signing up each month and a current base of over 700k as well as its first new store set to open in Q4 in Bolton, as the company looks to open 20 new stores over five years.
David Wood, chief executive, said: “This was a half in which we achieved record sales, as customers continued to be attracted to our market leading value, choice and availability and I would like to thank all my colleagues for their hard work and support in delivering these results. While market volumes have declined, we have made further market share gains and delivered a particularly strong performance in Trade, with an acceleration in the rate of sign-ups to our TradePro membership scheme.
“In DIY, we continue to cater for an increased number of younger customers who first turned to home improvement during the pandemic, while in DIFM, delivered showroom sales have remained robust as we launched new kitchen and bathroom ranges and worked through the elevated order book.
He added: “As previously stated, we have seen some softening in the DIY market from the very high levels of demand experienced during the pandemic. However, we continue to outperform the wider home improvement market and our confidence in our long term strategy is unchanged, reflected in our continued investment to drive further growth.
As stated in Wickes 26 July trading update, the company has seen a recent softening of the DIY market from the very high levels of demand experienced during the pandemic. The company has reaffirmed its guidance for full year adjusted profit before tax in the range of £72 – 82m.”
