// Travis Perkins reports rise in like-for-like sales in October and November
// The company said it has benefited from ongoing strong demand across the DIY market
Travis Perkins has witnessed an 8.6 per cent increase in like-for-like sales in October and November after it bounced back from store closures as part of a restructuring exercise.
The company said it has benefited from ongoing strong demand across the DIY market which has resulted in strong sales at its Wickes and Toolstation chains.
Despite this, sales at its specialist merchants in BSS, CCF, Keyline and the large contract side of its P&H business have recovered more slowly.
Travis Perkins has also announced that Wickes and Toolstation will return the business rates relief received as a result of the Covid-19 pandemic and repay monies received under the Government’s Coronavirus Job Retention Scheme – which totals around £50 million.
In October, Travis Perkins recorded a decline in profits and revenues as the Covid-19 lockdown forced the closure of 165 stores back in June.
It recorded an 81 per cent decline in profits year-on-year in the first half to £42 million, while revenues declined by 20 per cent to £2.79 billion in the six months to June 30 and 19 per cent on a like-for-like basis.
Travis Perkins went through a full restructuring of the business in June, including the closure of 165 of its stores.
At least 2500 jobs were axed as a result of the closures, which made up nine per cent of the total workforce.
At the time, Travis Perkins non-executive chairman Stuart Chambers informed the board that he plans to step down from his role.
The Wickes owner said no firm date has been set for his departure, but is expected to take place during the first half of 2021.
Chambers took up the role of chairman in November 2017 after joining the board two months earlier.