Posted By Global Banking and Finance Review
Posted on May 13, 2025
(Reuters) -British home improvement retailer Wickes Group reported a 5.5% rise in like-for-like revenue for the 17 weeks to April 26 on Tuesday but warned that the business faced "significant" cost headwinds and consumer outlook remains uncertain.
British firms are facing increased expenses due to a rise in social security contributions and minimum wages, while persistent inflation and uncertainty sparked by U.S. tariffs may increase the risk of consumers tightening their purse strings.
"We continue to be mindful of consumer sentiment and a challenging external environment," CEO David Wood said in a statement.
Still, Wickes posted revenue of 533.1 million pounds ($703.2 million) for the 17-week period, driven by growth in retail sales, and backed market expectations of annual pretax profit between 45.6 million pounds and 51 million pounds.
($1 = 0.7582 pounds)
(Reporting by Shashwat Awasthi in Bengaluru; Editing by Rashmi Aich)