In an interim statement, the company reported a total sales decline of 2.4% for the third quarter ended September 29, with general merchanting down 2.3% and consumer sales up 12%.
For the nine months ended September 30, total sales were up 0.7%, while general merchanting increased 1.1% and consumer trade was up 12.9%.
"Total group like-for-like sales per working day held up relatively well compared to the second quarter," the company said.
"This occurred despite continuing disruption from poor weather and the Olympics, and we saw a noticeable improvement in sales trends once these disruptions faded towards the end of the quarter, and as colder weather boosted plumbing and heating activity."
TP said continuing low inflation had impacted opportunities to drive stock investment gains, while competitive market conditions in the merchanting divisions had seen gross margins come under pressure.
"In response we have intensified our tight management of costs."
