Following today’s release of Wickes’ figures for the 17 weeks ending 25 April 2026; Ashley Adeyemi, retail analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Wickes’ Q1 headline group revenue of £537m, up 1.3% year-on-year, superficially holds the line but it marks a notable deceleration for a business that had been executing a credible turnaround. On a like-for-like (l-f-l) basis, group revenues were broadly flat at -0.1%, reflecting the first tangible signs across the business of how disruptive the current macro environment is proving for the DIY sector. Retail revenues fell 0.4% and 1.7% on a l-f-l basis, with outdoor categories hammered by exceptional rainfall against a strong prior-year comparative. The retailer noted that volumes were actually up, with prices remaining deflationary as Wickes leans on value to retain footfall, but that dynamic did little to reassure investors. Shares fell 10% following the trading update, pointing to a growing unease about whether the recovery story can hold in an environment this uncertain.
“Design and Installation (D&I) offered a partial offset, with revenues up 6.4% to £145m and l-f-l sales ahead 4.3%, reflecting the conversion of an order book built through 2025. Delivered D&I sales lag ordered sales by several months, making the current figures a trailing indicator of demand that has since softened. TradePro also held up well, with sales up 4% and active membership rising 9% to 662,000. However, ordered sales for the period were slightly down year-on-year, with bespoke kitchens notably softer as customers grow more cautious on larger project spend. That aligns with the sharp deterioration in consumer confidence since the escalation of conflict in the Middle East, which has rattled energy markets and household sentiment alike. It is also worth noting that B&Q recently opened its first trade-only store, a format shift that signals where the competitive battle for the more resilient trade customer is heading, and one Wickes will need to watch closely given TradePro’s centrality to its own growth strategy.
“Wickes confirmed plans to open four or five new stores in 2026 and refit or refresh 15-20, as part of a longer-term ambition to grow its estate from 230 to 300 locations, and reiterated comfort with consensus adjusted PBT of £57.1m. That guidance provides a degree of reassurance, but the environment into which Wickes is expanding is a difficult one. Rising energy prices and shipping disruption are already filtering through into input cost inflation across the sector, and online pureplays including Temu and Amazon continue to undercut aggressively on home improvement staples, intensifying the pressure on multichannel retailers from below. Opening new stores is a bold statement of long-term conviction, but it will count for little if the consumer remains this cautious. Kingfisher’s upcoming update will be the next meaningful read on how broadly these pressures are being felt.”
