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Design and installation segment weighs on Wickes H1 revenues
(Sharecast News) - Wickes posted a drop in first-half group revenue on Wednesday as it was hit by "challenging" conditions in its design and installation division. In the six months to 29 June, group revenue fell 3.4% to £799m. Revenue in the design and installation segment was down 17% to £166.7m, with like-for-like sales 18.3% lower.
Wickes said the division's performance reflected continued soft consumer appetite for larger ticket purchases and a strong comparative in the first half of 2023.
In the retail segment, revenue ticked up 1% to £633.2m, with LFL sales 0.6% higher.
Within retail, TradePro sales continued to perform strongly, up 14% in the half, reflecting a "healthy" pipeline of work for local trade professionals and continued sign-ups to the TradePro scheme.
Chief executive David Wood said: "Against a challenging trading backdrop, we have grown volume and taken further market share in retail, with our TradePro scheme continuing to show strong momentum as local trade professionals turn to Wickes to save them time and money.
"We're seeing good demand for our lower-priced Wickes Lifestyle Kitchens, reflecting customers' desire for quality and value. We continue to invest in our growth levers and are particularly excited about the recent acquisition of Solar Fast."
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