Sales up, but profits down at Wickes
By Sarah Wood | 16th September 2022
Wickes has seen a small rise in sales for the first half of the year.
Sales were up 1.3 per cent to £822.3 million to July 2, boosted by younger people who had turned to DIY during the pandemic, as reported by Retail Gazette.
But operating profit at the DIY retailer, which has stores in Cheltenham, Gloucester and Cirencester, fell by nine per cent to £56.3 million, as the business absorbed the rising cost of raw materials such as timber and cement.
There was an 85 per cent rise in sales of home insulation products compared to pre-pandemic levels, as customers rushed to improve their home's efficiency as energy bills soar.
Overall, sales were up by 23.4 per cent compared to before the pandemic, in 2019. Although the retailer has seen demand slow down from the huge levels of demand during lockdowns.
Wickes has also seen its female customer base grow by 20 per cent on pre-pandemic levels.
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