Wickes sales drop as Britons hold off big ticket purchases
The retail group said a sharp slump in trading in its design and installation business weighed on trading over the past half-year.
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Your support makes all the difference.Sales have slipped at home improvements retailer Wickes as Britons continue to hold back on big ticket purchases.
The retail group said a sharp slump in trading in its design and installation business weighed on trading over the past half-year.
David Wood, chief executive of Wickes, said the company has nevertheless grown volumes in its retail business despite a “challenging trading backdrop”.
Total revenues dipped by 3.4% to £799.9 million over the six months to June 29, with like-for-like revenues down 3.9%.
The fall was driven by weakness in its design and installation arm, where revenues dropped by 17% to £166.7 million.
Against a challenging trading backdrop, we have grown volume and taken further market share in retail
The company linked this drop to “the continued soft consumer appetite for larger ticket purchases”, but highlighted stronger sales across its lower-priced kitchens during the period.
Elsewhere, retail revenues grew by 1% to £633.2 million for the six-month period.
Wickes hailed “resilient” demand in the category, as higher volumes offset price deflation of around 3%.
Mr 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.”
Shares in Wickes were 2.8% higher at 152p.