LONDON (dpa-AFX) - Travis Perkins Plc (TPK.L), a British builders' merchant and home improvement retailer, on Tuesday reported a decline in sales for the first quarter, amidst challenging market conditions. However, the company has reaffirmed its full year expectations.
In its first-quarter trading update, the company said its total sales moved down by 2.8 percent on a trading day adjusted basis.
The Group's total revenue growth fell 1.5 percent, with a decline in like-for-like revenue growth of 2.9 percent for the quarter.
In the quarter, Group volume declined 10.2 percent, while price and mix grew 8.7 percent.
The merchanting business registered a decline in revenue growth of 3.2 percent, whereas toolstation business recorded a revenue growth of 8.6 percent.
The merchanting business revenue was impacted by weakness in the new build housing and domestic repair, maintenance and improvement markets. The commercial, industrial and public sector markets, which represent just under half of the Group's end market exposure, saw more resilient demand.
Looking ahead, Nick Roberts, Chief Executive, said: 'As we had anticipated, trading conditions were challenging in the first quarter .... The timely actions taken to prepare our businesses for a lower demand environment mean that we continue to expect to deliver a full year performance in line with market expectations ..'
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