By Joe Hoppe
Travis Perkins PLC said Thursday that its third-quarter sales rose and that it has raised its 2021 adjusted operating profit guidance above market expectations. It also noted that it is capably managing supply-chain disruption and cost inflation.
The U.K. building-materials retailer said for the third quarter it saw like-for-like sales growth of 13.1%. On a two-year basis, like-for-like sales rose 13.3%.
The company’s merchanting business delivered 15.3% like-for-like sales growth over the quarter, while its Toolstation business grew 1.4%.
The company now expects adjusted operating profit for the full year to be at least 340 million pounds ($467.2 million), ahead of a company-compiled market consensus expectation of GBP316 million. In 2020, it posted an adjusted operating profit of GBP226.7 million.
Travis Perkins also said that industry-wide inflation, driven by manufacturer and core commodity price increases, accelerated in the period with price inflation of around 11% over the quarter.
The company said it continues to benefit from its extensive supply chain and strong customer-supplier relationships, and despite the challenges all of its businesses have worked to ensure customer disruption has been minimal.
Write to Joe Hoppe at joseph.hoppe@wsj.com
Read More: Travis Perkins 3Q Sales Rose, Raises 2021 Guidance to Beat Market