Wickes profits fall amid decreased consumer demand
Looking ahead, Wickes stated that its trading in the first 11 weeks of 2025 has been in line with expectations as it saw continued positive LFL sales growth in retail
Wickes has revealed that its adjusted profit-before-tax fell to £43.6m, down from £52m, for the full year ended 28 December 2024, amid weaker consumer demand for larger ticket items and operating cost inflation.
Alongside this, the company saw its total revenue fall 1% year-on-year to £1.54bn, down from £1.55bn in the previous year. It comes as it stated that “challenging market conditions” led to 10.5% decline in its design and installation category.
Despite this, the DIY retailer did see continued growth in its retail category with revenue increasing 1.9% year-on-year. This was driven by strong TradePro sales growth of 14%, with growth in active members increasing to 581,000.
The company also saw an accelerated increase in its retail market share with particular gains in the decorative and garden categories.
Looking ahead, Wickes stated that its trading in the first 11 weeks of 2025 has been in line with expectations as it saw continued positive LFL sales growth in retail.
David Wood, Wickes CEO, 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. 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.”
