29th Jan 2020 09:21
(Alliance News) - Travis Perkins PLC on Wednesday said its soon-to-be-demerged home improvement retailer Wickes saw a sales rise in the fourth quarter of 2019.
In the quarter to December 31, sales were 3.4% higher year-on-year, and climbed 4.5% on a like-for-like basis.
For the whole of 2019, Wickes had 7.7% sales growth, or 8.7% like-for-like, Travis Perkins added.
The Core unit, meaning the DIY stores, had a 5.7% sales rise in 2019, or 6.5% like-for-like.
The Do-It-For-Me division, which sees the retail chain perform home improvements for customers "from concept to completion", had a 13% sales climb in 2019. On a like-for-like basis, DIFM sales were 14% higher in 2019.
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 second quarter."
In July, Travis Perkins announced its decision to demerge consumer-facing retailer Wickes as part of its plan to focus on trade customers and simplify the business.
The FTSE 250 firm earlier in January named Christopher Rogers has the chair designate of Wickes, ahead of its upcoming listing.
Rogers is currently a Travis Perkins non-executive director and will offer Wickes "extensive financial, operational and retail experience". He will not stand for re-election to the Travis Perkins board at the 2020 annual general meeting in April.
Rogers was formerly a director at Premier Inn owner Whitbread PLC, as well as at now-liquidated UK retailer Woolworths. He has held finance and commercial roles at electrical goods seller Comet and Kingfisher PLC. FTSE 100-listed Kingfisher owns Wickes competitor B&Q.
Travis Perkins shares were 1.4% higher at 1,593.00 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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