Wickes reveals profits fall amid fading DIY demand

The group posted a 38.4% slump in pre-tax profits to £40.3 million for 2022 and cautioned that sales have started 2023 also on the backfoot.

Retailer Wickes has become the latest DIY firm to reveal slumping profits and trading under pressure as the pandemic boom in DIY fades (Barry Batchelor/PA) (PA Archive)

Retailer Wickes has become the latest DIY firm to reveal slumping profits and trading under pressure as the pandemic boom in home improvement fades.

The group, which also trades as a builders’ merchant, posted a 38.4% slump in pre-tax profits to £40.3 million for 2022 and cautioned that sales have also started 2023 on the backfoot.

On an underlying basis, pre-tax profits dropped 11.3% to £75.4 million.