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Roof falls in on DIY and furniture: Wickes and DFS warn of ‘softening’ demand as customers tighten their belts
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DIY and furniture stores were the last to warn shoppers are spending less because of the cost of living crisis.
Home improvement company Wickes and banking giant DFS said they’ve both “weakened” demand for their products in recent months as customers tighten their belts.
Wickes’ warning came despite a strong first half of the year, with shoppers rushing to insulation products to improve efficiency in a bid to cut energy bills.
Home improvement company Wickes and banking giant DFS said they’ve both “weakened” demand for their products in recent months as customers tighten their belts
Turnover was £822 million in the six months to July 2022, up 1.3 per cent on the previous year, but profits shrank 9 per cent to £56.3 million as the company reduced inflation in materials such as wood. and cement absorbed.
Like Wickes, DFS also recorded a full-year profit decline, from £109.2 million to £60.3 million.
Boss Tim Stacey described the 12 months as “the most operational challenge” he can recall, as the high bills led to fewer customers looking for a bank.
“We are not alone in navigating these issues,” he added.