Wickes owner grows sales and profits
Travis Perkins has reported that first half like-for-like sales grew by 6.5% at its consumer division which includes Wickes, Toolstation and Tile Giant.
In the six months to 30 June, total revenue climbed by 10.5% boosted by strong sales growth at the Wickes DIY chain.
During the period the group contented to grow its Toolstation business by adding 16 new branches. It also accelerated the roll out of its new Wickes format stores with 14 store refits, one new store and one relocation.
Across the wider Travis Perkins Group, which also includes general merchanting, plumbing and heating, and contracts divisions, revenue increased by 5.8% with like-for-like sales up 3.1%. Pre-tax profit climbed by 10.7% to £176 million.
John Carter, Travis Perkins chief executive, said: “The investments to extend our range, build out our distribution infrastructure, expand our network and accelerate our online growth have helped us continue to win market share and to position us well for the future. We plan to continue to invest in our businesses where we can generate strong returns and create value for our shareholders over the long-term.”
Looking at the effect of the Brexit vote, the group said it experienced weaker demand in the run up to and immediately following the referendum with two-year like-for-like sales in July below the levels experienced in the second quarter, although there was gradual improvement through the course of the month.
Carter added: “In our view it is too early to precisely predict end market demand and we will continue to monitor the lead indicators we track and will react accordingly.”
