There are fresh signs that people are hanging up their tool belts, home improvement retailer Wickes has warned.

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 (DIFM) 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 DIFM sales had slowed as shoppers cut back on spending as inflation and prices soared across the UK.

The business said that while sales of its DIY products are still ahead of their pre-pandemic levels, they have dropped from this time last year.

There have also been "signs of the market softening" in the last few weeks.

The business said that on a like-for-like basis, DIFM sales had risen nearly 30 per cent in the first half of the year.

But "we have seen some slowing of new orders in recent weeks, as customers are taking longer to commit to big ticket projects, however conversion remains good, cancellations remain low and we continue to have a strong order book."

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.

Shares dropped by around 17 per cent on Tuesday morning after markets opened in London.

But chief executive David Wood said: "Wickes has delivered another strong performance, as the business continues to provide the best value, choice and availability for customers."