// Wickes posts revenues of £822 million in the first six months to July 2022, up 1.3% on the previous year
// The DIY retailer reaffirmed its guidance for full year adjusted pre-tax profit to be in the range of £72 million to £82 million
Wickes has seen its revenue rise 1.3% to £822.3 million in the first six months to July 2022, bolstered by younger customers who turned to DIY during the pandemic.
However, operating profit at the DIY retailer slipped 9% to £56.3 million as the business absorbed cost inflation in raw materials such as timber and cement.
The Northampton-based business said it saw an 85% rise in home insulation products compared to pre-pandemic norms as Brits rush to improve their home’s efficiency as energy bills soar.
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In the six months to 2 July, like-for-like sales rose 0.8% year-on-year and by 23.4% on a three-year basis.
While adjusted pre-tax profit came in at £45.6 million compared to £46.5 million a year earlier and reported profit before tax fell to £33.5 million from a previous £35.7 million.
Wickes chief executive David Wood said: “This was a half in which we achieved record sales, as customers continued to be attracted to our market leading value, choice and availability and I would like to thank all my colleagues for their hard work and support in delivering these results.
“While market volumes have declined, we have made further market share gains and delivered a particularly strong performance in trade, with an acceleration in the rate of sign-ups to our TradePro membership scheme.”
Wood added that Wicke’s firm’s female customer base had grown 20% on pre-pandemic levels, while women now represented 70% of the company’s audience on its Instagram.
Wood added: “In DIY, we continue to cater for an increased number of younger customers who first turned to home improvement during the pandemic, while in DIFM, delivered showroom sales have remained robust as we launched new kitchen and bathroom ranges and worked through the elevated order book.”
As reported in its trading update on 26 July, Wickes has seen a softening of the DIY market from the huge levels of demand experienced during the pandemic as people stayed home.
Looking ahead, he added: “While the macroeconomic environment remains uncertain, we are confident that we have the right model to continue outperforming the market. We reaffirm our guidance for full year adjusted pre-tax profit in the range of £72 million to £82 million.”
