Travis Perkins’ retail division, which largely comprises Wickes, posted a 7% slump in like-for-likes for the third quarter to September 30 as trade was disrupted by the Olympics and wet weather.
The DIY retailer posted total sales up 12% in the quarter, including Toolstation which was consolidated from January 3 this year.
Wickes said there was a “noticeable improvement in sales trends” towards the end of the quarter once the Olympics had ended.
For the nine months to September 30 Wickes posted a 6.2% fall in like-for-likes against a 12.9% increase in total sales.
Travis Perkins chief executive Geoff Cooper said the group was on track to meet market expectations.
“Trading improved in September after the uneven and fragile trading conditions experienced so far this year, and our continuing tight management of costs and efficiency gains from self-help projects mean we remain on target to meet market expectations,” he added.
The group’s debt levels have continued to fall since the half year and it is set to achieve its £450m debt target by year-end.
The retailer revealed the figures as group finance director Paul Hampden Smith announced his decision to leave after 22 years.
Hampden Smith, who wants to develop a portfolio career, will retire from the board once the retailer completes its annual results next February and will stay until September to complete a “smooth” handover to his successor.
Travis Perkins chairman Robert Walker said: “Paul has made a very significant contribution to Travis Perkins over many years and he goes with our very best wishes for the future.”
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