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The end of the pandemic home improvement boom and rising costs have hit profits at Grafton.
In what Gavin Slark, the group’s chief executive, yesterday called a “significant normalisation of activity levels”, the owner of the Selco builders’ merchant chain said that Selco’s volumes had fallen by 19 per cent year-on-year to below pre-pandemic levels, but that this had been offset by large average price rises of 19 per cent as the industry battles to pass on rapildy increasing materials inflation to customers.
Selco depends on the so-called RMI sector: repair, maintenance and improvement. While the repair and maintenance business has remained resilient, cash-strapped households have decided that improvements to the home or the garden will have to wait. Spending on higher-margin home improvement products
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