Wickes owner experiences strong demand across DIY market

Travis Perkins, owner of DIY retailer Wickes, has reported an 8.6% increase in like-for-like sales in October and November.

The company said it continued to make good progress on retaining sales from branches closed as part of the restructuring activity during the summer.

A statement said: “There continues to be strong demand across the DIY market, resulting in particularly strong sales in Wickes and Toolstation, as well as the continued encouraging recovery in domestic RMI across smaller trade customers in Travis Perkins and City Plumbing.

“Volumes with larger customers continue to recover more slowly, impacting the rate of sales recovery in our specialist merchants in BSS, CCF, Keyline and the large contract side of the P&H business.

“Some larger customers were more impacted by the second national lockdown in November, alongside a negative impact on the kitchen and bathroom businesses as showrooms were forced to close.”

During November the Group raised £250m via a long five-year public bond issuance at a coupon of 3.75%. The proceeds will be used to repay the £250m September 2021 bond maturity before the end of December.