Group lfl sales -2.1% (-2.2% vol / +0.1% price) Travis Perkins has published a short Q1 trading statement. At a Group level, Q1 sales declined 2.4% or -2.1% on a lfl basis. This was driven by a volume decline (-2.2%) whilst pricing/mix was broadly stable (+0.1%). Divisional Colour From a divisional perspective: i) Merchanting lfls continued to decline (-3.2%) albeit at a slower rate than what was experienced in Q424 (-5.8%). Merchanting volumes during the quarter declined by 3.1% whilst pricing stabilised (-0.1%); ii) In Toolstation, lfl trends remain favourable, increasing by 3.7% during the quarter. Volumes remained in positive territory (+2.5%) and there was also a modest (+1.2%) impact from pricing/mix. The Group notes that it continues to make good progress on “the delivery of maturity benefits and executing actions to enhance operating margin” within the division. No updated outlook/guidance provided Overall, whilst it comforting to see lfl trends moving in the right direction (albeit lapping easy comps from Q124), the lack of detail around current trading and outlook will leave the market asking questions. Given the explicit guidance/outlook the Group provided on April 1st with the FY results (“Expect FY25 adjusted operating profit excluding property profits to be broadly in line with FY24 excluding property profits”), we do not expect consensus to change materially at this stage.