Value retail chain Wilko has recorded a sharp drop in profits, attributing it to the weak sterling and the “unilateral imposition” of the national living wage. For the year to January 28, pre-tax profit plummeted by 80 per cent to £5.2 million, exacerbated by £12.9 million losses from currency forward contracts. While Wilko also experienced a 13 per cent drop in EBITDA to £48.9 million, like-for-likes was up by one per cent and total sales rose by 3.3 per cent.
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Weakened pound sends Wilko profits plummeting 80%