Wickes' like-for-like sales suffer during 'challenging' third quarter
Travis Perkins, the owner of Wickes and Toolstation, has said its consumer division battled a challenging UK DIY market in its third quarter with like-for-like sales down 4.2%.
The group said there was a decline in sales in Wickes’ core DIY and kitchen and bathroom showroom categories in the three months to 30 September. Wickes struggled against significant pricing competition in the period although Travis Perkins said pricing pressure has begun to ease in recent weeks. In addition, kitchen and bathroom sales have shown some early signs of recovery.
John Carter, Travis Perkins chief executive, said: "The group delivered a solid Q3 trading performance, in line with expectations. Our trade-focused businesses delivered good sales growth against a challenging market backdrop, including successful recovery of cost price inflation. The UK DIY market continues to be very challenging for Wickes, where significant price pressure and weak consumer confidence is providing a tough trading backdrop.”
Total group sales grew by 3.9% in the quarter with like-for-like growth of 4.1% following a like-for-like sales increase of 7% in the group’s combined merchanting businesses.
Carter added: “Across the group, we are making good progress with the cost reduction activities that were highlighted in July, and these actions are generating positive results and underpin our confidence that our full-year performance is on track and in line with market expectations."
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