Travis Perkins (LON:TPK) shares sunk over 8 percent in early trading on Tuesday, after slashing profit outlook on the back of weak demand.

The home improvement retailer wrote down the value of its Wickes business, after it was hit by weaker consumer spending trends and tough competition. The challenging environment led the group to take a £246 million hit against goodwill in its Wickes arm.

Across the whole business Travis Perkins said it expected full year Ebitda to be at the lower half of the range of analysts’ expectations, after pre-tax losses for the six months through June amounted to £123.4 million.

Adjusted operating profit fell 5.8 percent to £179 million, with Chief Executive John Carter adding that the “changing market conditions” are “expected to continue for the foreseeable future”.

Cost reduction plans were in progress across the group with benefits expected to be weighted towards the second half, and its interim dividend was held steady at 15.5p per share.

Shares in Travis Perkins (LON:TPK) are currently trading down 8.32 percent at 1,229.00 (0843GMT).