Wickes has posted a drop in profits for the full financial year despite achieving “record sales”, which it attributes to its “market-leading value proposition”.

Wickes store front - Copy

Wickes posted revenue up 1.6% but profit before tax down 11.3% for the year ending December 31, 2022

For the year to December 31, 2022, Wickes reported adjusted profit before tax of £75.4m, down 11.3% year on year from £85m.

The home and DIY retailer posted revenue of £1.56bn, up 1.6% from £1.53bn in the previous year.

Wickes’ like-for-like sales grew 3.5% over the year and were up 22.8% on a pre-pandemic comparison.

The retailer attributed its sales and market share gains to strong local trade sales as well as a “strong recovery in delivered [Do It For Me] DIFM sales”.

Wickes 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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