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Travis Perkins sales slip but improve on a like-for-like basis
StockMarketWire.com
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Builders' merchant and DIY retailer Travis Perkins said it sales had slipped 3.3% in October and November, but had risen 8.6% over the same period on a like-for-like basis.
The fall in overall sales was pinned on store closures, disposals and the trading-day composition in those two months.
Travis Perkins described the like-for-like performance as 'robust', with end-market trends experienced during the third quarter continuing into October and November.
It added that it continued to make good progress on retaining sales from branches closed as part of restructuring activity during the summer.
Demand continued to be strong across the DIY market, resulting in particularly strong sales at Wickes and Toolstation.
The company also reported a 'continued encouraging recovery' in domestic repair, maintenance and improvement across smaller trade customers in Travis Perkins and City Plumbing.
Given the strong DIY performance, Travis Perkins said it would return business rates relief received as a result of the Covid-19 crisis and repay monies received under the UK government's Coronavirus Job Retention Scheme.
Those sums totaled £50 million, which the company said would correspondingly reduce its expected 2020 operating earnings.
Story provided by StockMarketWire.com
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