Topps Tiles sales head South
Topps Tiles suffered a poor Christmas with like-for-like sales over the period down by more than 18 per cent.
By Mark Higgins
Topps Tile said “At the full year results announced on 25 November 2008, we reported that for the first 7 weeks of trading in the new financial period total revenues decreased 13.5% and like for like revenues reduced 18.3%. Performance for the remainder of the quarter has continued broadly in line with that trend and total revenues for the first 13 weeks of the financial year have decreased by 13.3% and like for like revenues have reduced by 18.1%.”
“We anticipate that a sustained period of weak consumer confidence will cause continued pressure across our industry, but believe that the Topps business is well placed to capitalise on the opportunities that this will present,” said chairman Barry Bester.
Last week Lord Harris, head of flooring retailer Carpetright said he was mulling a bid for Topps Tiles. Lord Harris named the company as one of a number of targets which may become available as a result of the retail downturn.
Topps Tiles shares were down 5 per cent on early trading this morning.
