Headlam Group (LSE:HEAD) PLC shares slipped nearly 5% on Tuesday morning as the flooring firm acknowledged customers had cut back on home improvement spending this year.
Though summer trading was resilient, Headlam said in a statement that September and October proved tougher than anticipated as cost-of-living pressures hit spending.
November did bring a slight improvement, the group added, but “volumes and revenue remained below the previous year and typical seasonal uplifts”.
This was indeed flat over the 11 months to November, with the group having penned revenue of £663.6 million in 2022, though cost inflation is anticipated to remain elevated into the new year, the statement added.
Shares dipped 4.8% to 200.8p.