Sofa retailer warns profits will be £10m lower than hoped as DIY group says conditions remain ‘challenging’
The furniture retailer DFS and the DIY group Wickes have warned of weak demand for high-cost household goods as consumers continue to cut spending in the cost of living crisis.
DFS, which specialises in selling sofas, said annual profits would be £10m lower than previously hoped and sales would come in up to £65m below expectations, adding that demand had “weakened significantly” over the past two months.
