THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Retail Events
People in Retail Awards 2024
Retail HR Central 2024
The Future of The High Street 2024
Retail HR Summit
THE Retail Conference
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
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… View Article

HOME AND DIY RETAIL NEWS

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.”

 

 

Subscribe For Retail News