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Wickes owner Travis Perkins sees profits rise 37% Wednesday, 22nd February 2012
The DIY retailer managed a 37 per cent rise in profits despite reporting that the sector had shrunk by 25 per cent since its peak in 2007.
Travis Perkins said overall profits now stand at £269.6 million for 2011 with like-for-like sales across the group up 6 per cent over the year, boosted by a strong performance by its builders’ merchant arm.
A slowdown in activity at the retailer’s 200 Wickes stores and 107 Tile Giant stores saw profit slip £14 million to £45 million in 2011, as customers cut back on renovating kitchen and bathroom fittings.
In spite of this the company said the full-year performance was helped by cost savings resulting from its 2010 purchase of the plumbing and heating firm BSS, as well as an increased market share.
The profit gain came despite a shrinking of 30% in the size of its trade market.
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Posted in Home & DIY News Tagged wickes, travis perkins, diy, home, design, my retail media, news, retail, media
