// Travis Perkins says sales in the first three weeks of April fell by 2/3
// Meanwhile, like-for-like sales in the first three months of 2020 slipped by 3.8%
// It kept the majority of Toolstation and Wickes stores open during the lockdown
Travis Perkins has revealed that its its revenues tumbled by two-thirds in the first three weeks of April despite keeping most of its stores open during the coronavirus pandemic.
While the “vast majority” of its Wickes and ToolStation sites have remained open as they were considered essential, the company has been running on a “service-light” model focused on serving customers without contact.
It updated shareholders on its performance in recent weeks as it revealed that like-for-like sales in the first three months of 2020 slipped by 3.8 per cent.
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Travis Perkins said it delivered a “good” performance in the first two-and-a-half months of the year but was then “significantly impacted” by the pandemic and following lockdown measures.
Growth during the period was driven by its fast-growing ToolStation fascia, which saw total sales jump 31.3 per cent on the back of new openings.
“In light of the Covid-19 emergency, we have established a new operating model that has kept colleagues and customers safe, operating within government guidelines, and enabling branches across all of the group’s businesses to remain open,” chief executive Nick Roberts said.
“Moreover, we have provided essential services and support to keep the nation’s critical infrastructure maintained and operational and the UK’s homes warm, dry and safe during this time of need.
“We continue to adapt our operations, applying stringent social distancing and using technology to enable contactless operations, and we are therefore able to respond to the government’s call to ensure that the construction industry can continue to deliver on crucial programmes and projects and be an engine for future economic recovery.”
Last month, Travis Perkins put its plans to spin off its Wickes in a stock market float on hold due to the impact of the pandemic.
Shares in Travis Perkins were up 2.4 per cent to 1044.5p in early trading this morning.
with PA Wires