Topps Tiles expects small increase in full-year profits
Topps Tiles said it expects to deliver a small rise in pre-tax profits in the year to end September after the tile and flooring retailer implemented a number of self-help initiatives to help it grow its market share.
The company expects adjusted pre-tax profit for the 52 weeks to 28 September to be in the region of £13 million compared to £12.8 million in the previous year.
Revenues are forecast to be level with the prior year at £177.7 million although like-for-like sales are expected to show a decrease of around 0.5%.
Topps Tiles chief executive Matthew Williams said: “In the face of some trading headwinds across the year we implemented a range of self-help measures which enabled us to take market share and deliver a modest increase in profit year on year.
Never Miss a Retail Update!“After the declines seen in the second and third quarters, sales over the final three months of our financial year have been broadly level on a like for like basis which provides encouragement for the year ahead. The economy is starting to show signs of a gradual recovery and our business is well positioned to capitalise on any improvements in consumer confidence and increased levels of discretionary expenditure.”
The company, which operates from 328 stores, said it opened 18 shops and closed or relocated 15 during the year.
