Topps Tiles to report a ‘successful’ full year
Tiling specialist Topps Tiles has reported that its revenues in the 52 weeks to 1 October are expected to be in the region of £215 million compared to £212.2 million in the 53 week period in the previous year.
Like-for-like sales are expected to increase by circa 4.2% on the prior year.
In a pre-close trading statement, the retailer said like-for-like revenues in the 13 weeks ended 1 October rose by 1.4%.
Topps Tiles said the previously announced decision to exit from the low margin wood flooring category reduced its fourth quarter like-for-like sales by around 1.5%. This impact will reduce over first quarter of the new financial year as sales from the retailer’s new range of larger format tiles build.
Adjusted pre-tax profits for the year are expected to be within the range of current market estimates.
Matthew Williams, chief executive of Topps Tiles, said: “I am pleased to report on a successful year for Topps, where we grew sales to a new record, through our proven strategy of ‘Out Specialising the Specialists’. Whilst market conditions weakened over the final quarter as a result of reduced levels of consumer confidence we remain confident in our ability to outperform the market and deliver our goal of further profitable sales growth.”
