// Wicks revenues rise 1.6% but profit before tax slips 11.3% for the year ending December 31, 2022
// As the DIY boom dies down post-pandemic, Wickes said that core sales are “moderately behind” the same period last year
Wickes has posted a drop in profits for the year despite the DIY retailer achieving ‘record’ sales, which it attributes to its “market-leading value proposition”.
Its pre-tax profits slipped down 11.3% to £75.4m from a “record” £85.0m back in 2021 when lockdowns forced Brits to stay home with many investing in their interiors.
Despite this, the Watford headquartered retailer which has 223 sites across the UK, posted revenue of £1.56bn, up 1.6% from £1.53bn in the previous year as it held on to its customer base through a number of the introduction of 30-minute click & collect and new buy now pay later options.
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Wickes’ like-for-like sales also grew 3.5% over the year and were up 22.8% on a pre-pandemic comparison.
As the DIY boom dies down post-pandemic, Wickes said that core sales are “moderately behind” the same period last year.
It said 2022 was a challenging year for the market due to rising inflation and increasing interest rates.
Despite remaining “mindful of the macroeconomic backdrop”, the retailer said it remains confident in its ability to “drive further market share gains” this year.
Chief executive David Wood 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, DIFM 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.
“Like all businesses, we remain watchful of the external consumer environment. However, we have the right strategy and a compelling offer for customers, and look to the future with confidence. We will continue to invest across our distinctive growth levers and are well-placed to achieve further market share gains.”
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