Building merchant and DIY retail specialist group Travis Perkins has today reported a 6.1 per cent fall in like-for-like (LFL) sales across its consumer arm, primarily comprising DIY specialist Wickes.
In the four months ended April 30th 2013, total revenue fell five per cent as poor weather saw transaction volumes decline at Wickes.
Citing “tough trading conditions”, the group noted that it had introduced a number of fixed price promotional offers while also extending Wickes’ branded ranges.
A statement from the group explained: “Although it is still very early days these changes have been well received.
“We have maintained our focus on cost control including lowering divisional overheads.”
Despite warning that the impact on first quarter sales is “unlikely to be recovered” in the remainder of the year, Travis Perkins said that its full year earnings per share are likely to be broadly in line with expectations thanks to a focus on reducing margins and costs.
Commenting on the results, Travis Perkins CEO Geoff Cooper said: “Latent demand and better weather has contributed to the encouraging trend at the start of the second quarter, with sales recovering in April and early May as activity has picked up.
“Leading indicators have strengthened, which continues to suggest there should be an improvement in volumes in the second half of the year as we anticipated.
“Overall, the Group continues to be in good shape and poised to respond to any meaningful signs of market recovery.”