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Woodie's sees like-for-like growth as recovery in Irish market continues

Published: 12 November 2015
Woodie's DIY, part of the Grafton Group, reported good like-for-like figures in its parent's latest interim trading statement, boosted by an increase in consumer spending and confidence in Ireland.
Woodie's sees like-for-like growth as recovery in Irish market continues
The Irish DIY chain, which operates 37 outlets nationwide and accounts for 7% of Grafton Group's total turnover, reported average daily like-for-like revenue growth of +3.9% for the 10 months to October 31, 2015 in constant currency. This figure picked up considerably towards the end of the reported trading period, at +6.9% for the four months ended October 31.

A key factor in this performance, said parent firm Grafton, is "the recovery in Irish consumer spending, which has become more broadly based, supported by increased employment and disposable incomes", as well as an improvement in consumer confidence.

It also attributed some of the good like-for-like growth at Woodie's to a change in product mix, with the chain destocking seasonal products that had some effect on gross margins.

Builders merchanting and DIY group, Grafton Group plc has operations in the UK, Ireland and Belgium. It reported that overall group trading for the period from July 1 to October 31, 2015 was positive. This was against a "competitive backdrop" in the four months to the end of October, driven by "broadly favourable economic and market conditions in the UK and Ireland which supported increasing spending in the residential repair, maintenance and improvement (RMI) market".

Revenue for the 10 months to October 31, 2015 was £1.87bn - an increase of 6% and 8.7% in constant currency. The rate of growth in the group's average daily like-for-like revenue eased, as anticipated, to 4.8% in the four months to the end of October from 5.3%in the first half.

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