Travis Perkins has reported that like for like sales growth at its consumer division, which includes Wickes, Toolstation and Tile Giant, slowed down in its third quarter.
In the three months to September 30th, growth fell to 2.4% from 6.3% in the same quarter last year. The company said this was due to more subdued growth in Wickes and “increasingly difficult” market conditions.
Travis Perkins chief executive, John Carter said: “Trading conditions in our markets continue to be mixed, with consumer discretionary spending under pressure from rising inflation and on-going uncertainty in the UK economy.”
Travis Perkins said it is continuing to roll out the Toolstation network in the UK and the Netherlands and that the business had achieved “excellent” like for like and overall sales growth.
Mr Carter added: “We have delivered a good like-for-like sales performance across the group in the third quarter against a challenging market backdrop of input cost inflation and market volatility.
”We maintain our confidence in the long-term fundamental drivers of our markets, and this underpins our plan to invest in our businesses to improve our customer propositions and extend our competitive advantage."
