Travis Perkins hails strong performance at Wickes
Travis Perkins saw like-for-like sales at its Wickes DIY chain climb by 9.7% in the first half of 2019.
The company said around 2% of the growth could be attributed to milder weather in March and April compared with the same period last year.
In addition, the retailer’s adjusted operating profit showed a significant improvement over 2018, with growth of 49% to £52 million.
Wickes’ core DIY offering benefited from the addition of new ranges particularly in the decorating and landscaping categories. The business also made some improvements in its supply to chain to increase product availability in-store. Its kitchens and bathrooms category also performed well in the period.
Travis Perkins completed three Wickes store refits in the first half. Together with one new store opening, this brought the total number of new store formats up to 125 from an overall network of 241 stores.
John Carter, Travis Perkins chief executive, said: “Wickes has delivered a strong turnaround in volume and profit performance, with gains in both core DIY and through the kitchen and bathroom showroom.”
Travis Perkins has also announced that it plans to demerge Wickes as a separate business as a part of plans to simplify the group and focus on its trade businesses.
Across the wider Travis Perkins group, like-for-like sales were up 8%. Adjusted operating profit also increased, rising by 14.7% to £195 million.
Looking ahead, Travis Perkins said it is maintaining a cautious outlook for the near-term given the current political and economic uncertainty.
Carter added: “Whilst our underlying markets remain subdued, the self-help initiatives underway are supporting an encouraging improvement in performance and provide a strong platform to drive sustainable growth ahead of our markets in the medium term.”
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