Wickes downgrades profit expectations as cost-of-living crisis bites
Wickes has blamed a softer outlook in some of its key markets and the uncertain macroeconomic outlook after it downgraded its profit expectations for the year
Home improvement retailer Wickes has downgraded its full-year profit expectations to between £72m-£82m having previously forecast they would be no less than £83m.
Wickes said that while comparatives for its core sales had eased in the first half of the year, trading in DIY and do it for me (DIFM) sales had softened as customers tightened their belts due to the current macroeconomic conditions.
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