DIY market ‘softening’, warns Wickes

Wickes is seeing signs that the Do It Yourself (DIY) and Do It For Me (DIFM) are “softening”.

While the home improvement retailer reported second quarter sales growth of 5.4 per cent, it is reducing its original full year profit expectations.

The company said that while comparatives for core sales eased in the second half, trading in recent weeks in DIY and a softer outlook for the DIFM market suggest customers are "reacting to the uncertain macroeconomic backdrop" as the retailer enters the second half of its financial year.

Wickes said it expects full year adjusted pre-tax profits in the range of £72 million to £82 million.

“We remain watchful of the macroeconomic backdrop and are managing the business appropriately to navigate these external pressures,” said David Wood, chief executive, Wickes. “We are confident that our uniquely balanced business model and great value offer for customers will enable us to continue to deliver for the benefit of all our stakeholders.”

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