Perkins beats rivals
TAKING market share from struggling rivals helped builders merchant Travis Perkins boost sales over the past three months despite consumer s reining in spending on big ticket DIY purchases.
The £2billion company saw growth in like-for-like turnover slow to 5.9 per cent from 7.2 per cent in the first half but expects to continue to outperform competitors as trading conditions worsen into 2012.
Sales growth of 7.7 per cent at its builders merchant depots offset a 2 per cent reverse at its near-200-store DIY chain Wickes, where kitchen and bathroom sales have fallen 12 per cent in the past nine months.
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Chief executive Geoff Cooper said: “We continue to take market share in a tough market, confirming the sustainable strength of our organic growth strategy.
We continue to take market share in a tough market, confirming the sustainable strength of our organic growth strategy
“Our positive merchanting and BSS performance is balancing the effect of a challenging consumer environment for our retail business.”
Seymour Pierce analyst Kevin Lapwood said: “Given the unhelpful market backdrop and recent news from the retail sector, Travis Perkins appears to be holding up remarkably well.” The shares rose 64p to 865p.