// Travis Perkins’ half year sales drop 20% to £2.78bn
// Group like-for-likes were almost 35% lower in the second quarter, although things improved by June
// The company’s Toolstation & Wickes stores benefited from “strong DIY sales” amid surging demand during lockdown
Travis Perkins has said that sales dived 20 per cent in the first half of its financial year as it was hit by the coronavirus pandemic.
The home improvement and hardware retailer said revenue slumped to £2.78 billion for the six months to June due to the “significant impact” of the virus and subsequent lockdown.
Travis Perkins said group like-for-like sales were 34.8 per cent lower in the second quarter, although sales improved towards the end of the period.
- 2500 jobs on the line as Travis Perkins shuts down 165 stores
- Wickes stores set for phased reopening starting this week
- Wickes owner Travis Perkins hit by 2/3 fall in sales in April
Like-for-like sales slipped 6.7 per cent in June – compared with slumps of 63.6 per cent and 34.6 per cent in April and May respectively – as its Toolstation and retail divisions returned to growth.
Travis Perkins’ builders’ merchants arm remains the most impacted by the virus, but operations “have continued to recover well” in recent weeks, the firm said.
Meanwhile, the Toolstation and Wickes fascias benefited from “strong DIY sales” amid surging demand for home improvements during lockdown.
Last month, Travis Perkins announced plans to permanently close 165 of its branches with the loss of around 2500 jobs.
“Since the trading update on June 15, the business has continued to recover well, with good demand from infrastructure markets offsetting ongoing challenges in the new-build and commercial construction sectors,” chief executive Nick Roberts said.
“We remain cautious as to the near-term headwinds facing our business and the wider economy; nevertheless, the decisive actions we have taken to manage our cost base mean that we are well placed to continue to service our customers, support our colleagues and generate value for our shareholders.”
with PA Wires