Wickes’ retail arm has continued to grow despite profits declining

For the 26 weeks to June 29, 2024, adjusted profit before tax at Wickes reached £23.4m, down from £31.1m during the first half of last year.

Total revenue dipped by 3.4% year on year from £827.7m during the first half of 2023 to £799.9m during the period, while retail revenue was up 1% to £633.2m despite design and installation revenue at the home & DIY specialist falling by 17% to £166.7m.

Wickes hailed its record market share gains in retail during the first half and said it saw “particular gains” across categories including decor, garden, tiles and flooring.

The retailer said the TradePro division saw “strong” sales growth during the period, up 14%, and that the number of TradePro members reached 1 million for the first time in September.

The market for big-ticket purchasers remained “challenging” and Wickes boss David Wood said the business was “not immune” from the “tough” market conditions in this department.

Wickes’ outlook remains unchanged and it said trading during the third quarter to date “has seen an improved trend”.

Wood said: “This first half performance is testament to the hard work of all our colleagues and demonstrates the strength of our balanced business model.  We achieved further volume growth and record market share gains in retail, with TradePro remaining a key differentiator. The market for design and installation remained tough during the half and Wickes was not immune; nonetheless, we have seen a positive response to our value-led Wickes Lifestyle Kitchen range, which is growing strongly. 

“We are on track for the remainder of the year and have been encouraged by trading at the start of the second half. Looking further ahead, our outstanding customer offer, proven growth levers and focus on cost control leave us well-placed within a home improvement market that continues to offer significant opportunities.”