Travis Perkins Group LFL sales decline 3.7% YoY in Q1

Travis Perkins plc announces its first quarter trading update for the three months to 31 March 2024

• Group like for like revenue was down by (3.7)%* in the first quarter.
• “Trading remained challenging as macroeconomic uncertainty continues to impact demand across the construction sector”.

General merchanting (excludes Toolstation)

• Sales across the Merchanting segment were down by (4.2)%* in the quarter.
• “The General Merchant business continues to gain market share”
• Trading volumes remaining subdued with LFL volume sales flat and price/mix down by 4.2% year on year.
• Pricing remains lower than prior year primarily due to the rollover impact of timber deflation, with this trend expected to continue through the first half of the year.

Toolstation UK

• UK saw like for like revenues decline by (0.9)%*

Cost save activity

• £35m of cost savings delivered from a reduction in regional and central headcount
• Work continues to “address loss-making activities within the Group’s portfolio and to access longer-term structural benefits”.
• Plans include, “the simplification of the Group’s operating model, reducing supply chain costs and harnessing the benefits from new technology.
• Next update on 6th August 2024.

READ UPDATE HERE