Topps Tiles posts decline in sales as market backdrop remains challenging
Topps Tiles has reported a 6.9% fall in third quarter group sales as it continues to be impacted by subdued demand in the home improvement sector, especially for more expensive projects.
In a trading update, the retailer said like-for-like sales in the three months to 29 June dropped by 9.7% year-on-year, similar to the 9.2% decline seen in its first half.
However, sales levels stabilised throughout the quarter as sales to trade customers continued to be more resilient than those to homeowners.
Looking ahead, the company said: “Positive macroeconomic data on inflation, real wage growth, improving consumer confidence and increased activity in the housing market provides some confidence in a cyclical recovery, and the group is well positioned to benefit from this due to its growing market share.”
