Topps Tiles like for likes fall
UK showed overall revenue decline of 2.9% (2007: up 13.9 per cent) with like-for-like revenue decline of 7.9 per cent (2007: up 7.7 per cent).
At the half year results announced on 28 May 2008 the company reported that for the first 6 weeks of trading in the new financial period total revenues increased 2% and like for like revenues were down 3.0% (-4.5% when adjusting for Easter calendar effects). Trading conditions in the first 17 weeks of the new financial period remain challenging, the company said, with overall revenue declining by 2.7% (2007: up 14.4%) and like-for-like revenue declining by 7.7% (2007: up 7.6%).
Commenting on trading, Matt Williams, CEO said: ‘As we said at our half year results, the retail environment remains challenging. We are, however, managing the business prudently, with emphasis on costs and cash. We have a resilient business model and are confident that we can grow market share in the current tough economic climate.’
