Wickes reports increased like-for-like growth
Wickes owner Travis Perkins has posted a rise in like-for-likes for its first half, with current trading recovering following the EU referendum.
The group, which also owns Toolstation and Tile Giant, reported like-for-like growth of 6.5% and sales growth of 10.5% in its retail business for the six months to June 30.
The results are seen as an indicator of consumer confidence in the housing market and the company believes they are the first of the home and DIY retailers to have reported a positive financial update following Britain’s decision to leave the EU on June 23.
Chief executive, John Carter said:
“Our two-year like-for-like sales in July have been below the levels we experienced in the second quarter, however we have seen a gradual improvement through the course of the month. 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.”
Over the last six months, Travis Perkins added one Wickes store to its collection, relocated another and renovated 14 shops. More stores have been earmarked for refitting in the next six months.