Wickes has reported falls in both revenue and profits as the home and DIY retailer acknowledged “challenging market conditions” had led to fewer customers purchasing big ticket items.

The company’s adjusted operating profit slipped to £67.4m in the 52 weeks to 28 December, down 8.7% from £73.8m last year.

Wickes’ statutory revenue also fell 1% to £1.5bn, which was driven by a 10.5% shrink in its design and installation business, to £326.5m.

The retailer admitted that “weaker consumer demand” for larger ticket items as well as operating cost inflation had resulted in less profit in 2024, although it did note that productivity initiatives had “largely mitigated” the impact of operating cost headwinds.

Wickes chief executive, David Wood, said that the company’s “balanced business model” and “brand strength” had still seen it take further market share in 2024.

“In design and installation, we have been encouraged by a return to growth in ordered sales in Q4 following the actions we took to enhance our customer offer and experience,” he added.

“Given the strong progress over the last 12 months and the good start to Q1, we are well on track for the coming year.”

In its latest financial report, Wickes revealed that trading through the first 11 weeks of 2025 had been “in line” with its expectations.

The retailer said that even despite an “uncertain market outlook” for larger ticket purchases and continued cost headwinds, it was still comfortable with its current full-year profit expectations, as it also outlined details for a new £20m share buyback scheme for shareholders.

Investment director at AJ Bell, Russ Mould, commented that Wickes was “proving to be more resilient than many people thought”.

“It’s holding up well in the face of difficult market conditions, with signs that recent progress wasn’t a one-off,” he said. “Design and installation orders have seen positive growth for two quarters in a row, which is encouraging given how big-ticket spending has been volatile in an environment where consumers are watching every penny.

“Wickes has made things as easy as possible for both consumers and tradesmen to find what they need. It might seem like common sense, but many businesses overlook the obvious.”

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