Topps Tiles like-for-like sales down 1.5% in Q3
Tile and flooring retailer Topps Tiles saw a 1.5% decline in like-for-like revenue in the full 13 weeks of its third quarter although sales returned to growth in June.
The fall in like-for-like revenue in the 13 weeks to 29 June 2013 compares to an increase of 2.1% in the third quarter of 2012.
Topps Tiles, which trades from 320 stores, said the decline was in line with management expectations and that the company remained comfortable with market expectations for the full year.
Matthew Williams, chief executive, said: “Trading in the period since our last update five weeks ago has been more encouraging, with like-for-like sales during June returning to year on year growth. Our performance for the third quarter as a whole has been as expected and our programme of self-help initiatives and cost reduction measures remains on track as we enter the final three months of the year.”
