DIY retailer Wickes builds sales ahead of Travis Perkins demerger
DIY retailer Wickes announced strong sales growth in the fourth quarter of last year, ahead of its split from parent company Travis Perkins.
The firm said like-for-like sales growth in the fourth quarter was 4.5 per cent, while year-to-date sales jumped 8.7 per cent.
Trading in both its core division – which includes local trade and DIY buyers – and its “do-it-for-me” unit performed strongly during the year.
Wickes will demerge from builders merchant Travis Perkins in the second quarter of this year, the company announced in July.
The retailer will be spun-off as a standalone company in order for Travis Perkins to focus on trade customers.
Earlier this month, Travis Perkins also announced the sale of Primaflow, a wholesale plumbing and heating business, to Newbury Investments for £46m as it seeks to pay down its debt and reduce the complexity of the company.
Wickes chief executive David Wood said: “I am delighted to report a strong sales performance for Wickes in the fourth quarter and for the full year, setting us up well for the intended demerger from Travis Perkins, which remains on track for the secord quarter of 2020.
“I would like to thank all my colleagues for their hard work, dedication and focus on delivering for our customers, which has driven excellent performance across the year.
“We are looking forward to our future as a standalone business, building towards our vision of a Wickes project in every home, allowing us to create long-term value for all our stakeholders.”