Wickes has stated that it remains comfortable with its profit expectation, which is set to reach £554m with a range of £52.8m to £58m.

The home improvement retailer said in Q2, its retail like-for-like revenue returned to growth, increasing by 0.6%, while its revenue rose by 1.8% year-on-year to £366m.

It stated that customer growth continues to drive strong overall volume increases in retail, alongside a deflationary pricing environment.

Within this division, TradePro has continued to perform well, with sales jumping by 6% as "local trade professionals continue to choose Wickes", with membership increasing by 9%.

However, DIY sales were broadly flat.

Wickes said that its property strategy is progressing well, with eight stores refitted or refreshed in the first half of its financial year, and expects to open between four and five stores and refit and refresh between 15 and 20 stores by the end of 2026.

Its balance sheet also remains strong with net cash of £152m, following £10m of share buybacks completed during this period.

In its outlook, Wickes said that it expects modest market growth in the remainder of the year, whilst the consumer environment remains uncertain. It added that its "value-led and differentiated" business model leaves it well-positioned to continue "outperforming the market".

Head of markets at AJ Bell, Dan Coatsworth, said the firm looks to be on "steady foundations despite a difficult consumer backdrop".

He concluded: "Yes, there is evidence that customers are trading down, particularly when it comes to big-ticket orders. While they are favouring more affordable products, they are still parting with their cash, and Wickes is confident enough to stick with full-year forecasts.

"Warm and dry weather has been helpful for retail demand after a wet spring affected outdoor DIY and landscaping projects and prompted a disappointing update which spooked investors back in May.

"Wickes will hope for an improvement in market conditions, which will likely be dictated by interest rates and any improvement in the property market, but it has positioned itself for a less favourable outcome by maintaining a healthy cash balance. This should act as a buffer to help see it through future turbulence."

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