Wickes has posted a strong uplift in third-quarter like-for-like sales as parent company Travis Perkins says the retailer’s demerger from the group is “on track” for next year.
The home & DIY specialist recorded a sales rise of 8.3%, spurred by a 9.7% uplift in like-for-like sales in its third quarter.
The retailer’s parent company Travis Perkins attributed Wickes’ strong performance to “further market share gains in the home improvement market through core DIY categories and in the kitchen and bathroom showroom”, alongside targeted promotional activity and online to in-store ordering across its core DIY ranges.
The group, which posted a 3.8% rise in sales during the period, bolstered by “impressive” sales growth at ToolStation UK, said Wickes’ demerger from Travis Perkins is set to be completed by the second quarter of the next financial year.
However, Travis Perkins said that “given the current unprecedented level of uncertainty, we have decided to pause the sale process of the Plumbing & Heating business for the time being”.
Chief executive Nick Roberts said: “Now in my third month since taking over as CEO of the group, I have spent a considerable amount of time in our branches, learning about our businesses and our markets from colleagues, customers and suppliers.
“The plan to simplify the group’s portfolio of businesses remains the right one, with good progress made through the quarter towards reducing cost and complexity and enabling greater focus and more disciplined capital allocation to our advantaged trade-focused businesses.
“The group delivered a solid performance in Q3, despite trading conditions becoming incrementally more challenging through the course of the summer as a result of the ongoing market uncertainty. Though the group maintains a cautious outlook for the near term, full-year performance remains in line with our expectations.”
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