Topps Tiles reports decline in sales after “challenging” year
Topps Tiles has reported a drop in annual sales following the impact of challenging trading environment.
In the 52 weeks to 28 September 2024, group sales declined by 5.7% to £248 million when revenues from assets acquired in its acquisition of CTD Tiles were excluded.
Group sales in the retailer’s fourth quarter were 4.4% lower than in the prior year, which marked a slight improvement on the trends seen across the rest of the year.
Topps Tiles said trading was challenging due to weak demand in the domestic repair, maintenance and improvement (RMI) sector, especially for bigger ticket projects.
Meanwhile, like-for-like sales were 8.2% lower year-on-year in the fourth quarter, which meant they were down 9.1% for the year.
Rob Parker, Topps Tiles Group chief executive, said: “In a year that has proved challenging in many ways, I am pleased by how well our teams have responded to the weaker market, demonstrating both our resilience and our ability to continue to outperform.
“I am also satisfied that despite these challenges we have been able to continue to deliver against our strategy and take opportunities as they have arisen, supported by our strong balance sheet.”
Looking ahead, he added: “While the timing and trajectory of the recovery remains hard to predict, we are confident that our clearly articulated and proven strategy will enable the further development of the group in all market conditions.”
