Travis Perkins Q3 sales rise 15% thanks to Wickes

Travis Perkins Wickes Q3 trading update
Travis Perkins' retail segment achieved a like-for-like sales growth of 9.7%
// Travis Perkins posts 3.8% growth in third-quarter sales
// For the 3 months to September 2019, like-for-like sales rose 3.4%

Travis Perkins has recorded a 3.8 per cent growth in third-quarter sales, attributing the success to its DIY chain Wickes.

The home improvement retailer also said it had brought the sale process for its plumbing and heating division to a halt due to uncertain market conditions.

For the three months to September 2019, like-for-like sales rose 3.4 per cent, thanks to a 15 per cent growth at Wickes.

READ MORE: Travis Perkins details plans for Wickes demerger

Like-for-like merchant sales also grew by 1.6 per cent during the period, which Travis Perkins said was an indicator that the business was continuing to outperform in challenging market conditions.

The retail segment achieved a like-for-like sales growth of 9.7 per cent.

Meanwhile, Travis Perkins is currently in the process of demerging Wickes.

In mid-July, the company’s board members said they intend to demerge Wickes to shareholders as a standalone business in the first half of 2020.

“The group remains on target to achieve its planned cost reductions in 2019, with actions identified or already underway to achieve £20 million to £30 million of annualised savings by mid-2020 which will reduce complexity, lower the above-branch cost base and speed up decision making, and improve service levels for customers,” Travis Perkins said.

Click here to sign up to Retail Gazette‘s free daily email newsletter


Please enter your comment!
Please enter your name here