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// Wickes downgrades its profit expectations for the year as shoppers cut back amid the uncertain economic backdrop in the UK
// Like-for-like sales rose 0.8% on year in the 26 weeks to July 2 and 5.4% in the second quarter
Wickes has downgraded its profit expectations for the year despite reporting strong sales after seeing some softening in its DIY and do-it-for-me markets in recent weeks.
The home improvement retailer 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 sales had slowed as shoppers cut back on spending as inflation and prices soar across the UK.
Wickes said it now expects a full-year adjusted pretax profit in the range of £72 million to £82 million, having previously forecast full year profits would be no less than £83 million.
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The London-listed business said that like-for-like sales rose 0.8% on year in the 26 weeks to July 2 and 5.4% in the second quarter.
The company said it is managing supply chain issues and while DIY performance in recent weeks and a softer outlook for DIFM markets suggest customers are reacting to the uncertain economic backdrop, conversion remains good, cancellations are low and it has a strong order book.
Chief executive David Wood said: “We remain watchful of the macroeconomic backdrop and are managing the business appropriately to navigate these external pressures.”
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