Travis Perkins has announced a decline in both profits and revenues after closing 165 stores in June, but the retailer remains adamant it is now on the path to recovery.
The building supplies retailer, which owns Wickes and Toolstation, recorded an 81% decline in profits year on year in the first half to £42m.
Revenues also dropped 20% to £2.79bn in the six months to June 30 and 19% on a like-for-like basis.
The retailer undertook a full restructuring of the business in June, including the closure of 165 of its stores, primarily in the trade merchant division reflecting a change in demand.
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