Profit at British DIY retailer Wickes fell by almost a quarter over the past six months as sales slowed across the entire home improvement market.
The London-listed company, which is headquartered in Watford, reported an adjusted pre-tax profit of £23.4m during the six months ending 29 June, 2024, down just under 25 per cent from £31.1m in the same period last year.
However, the group’s statutory gross profit declined just 1.7 per cent to £289.7m, and statutory profit before tax rose 8.5 per cent to £22.9m.
Wickes reported revenue of £799.9m during its first half, which, although down around three per cent year on year, the company said was a positive result given the ailing demand across the sector.
Its operational costs remained flat compared to the same period last year, driven by “planned management action” taken to mitigate the impact of inflation.
Even though sales slowed across the entire DIY retail sector, the firm increased its market share, with particular gains in its decor, garden, tiles and flooring divisions.
It saw a particularly strong increase in sales of its lower-priced own-brand kitchens, which were up 19 per cent during the six months.
David Wood, chief executive of Wickes, 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 which continues to offer significant opportunities.”