Topps Tiles posts third consecutive year of record turnover
Topps Tiles has posted its third consecutive year of record turnover after revenue increased by 6.4% year-on-year to £263 million.
In the 52 weeks to 30 September, like-for-like sales at the Topps Tiles brand rose by 3.1% as average sales per store grew by 30% on pre-pandemic levels.
Meanwhile, its online pure play businesses, Pro Tiler Tools and Tile Warehouse, continued to deliver strong growth in the period.
Rob Parker, Tops Tiles chief executive, said: “As we celebrate our 60th anniversary, we are delighted to have delivered a third consecutive year of record sales in Topps Group, having increased our sales by over £40 million since the pre-pandemic period, reflecting the significant development and diversification of the group over that time.”
As expected, sales growth moderated in the retailer’s final quarter which Topps attributed to the impact of a prolonged period of inflation, higher interest rates, and a slowing housing market.
Meanwhile, Topps’ adjusted pre-tax profit for the full year is predicted to be in line with market expectations.
Parker added: “Despite a slowing RMI market, we are confident that our core strengths of leading brands, world class customer service, specialist expertise and a strong balance sheet will enable us to grow sales, profitability and cash generation in the years ahead, delivering value for all stakeholders.”
