Topps Tiles upbeat after ‘encouraging’ first half
Topps Tiles saw its like-for-like sales climb by 5.3% in the first half of its financial year as it focused on growing its share of the tile market.
In the six months to 28 March, pre-tax profit rose by 13.8% to £9.1 million while group revenue climbed by 6.4% to £104 million.
During the period, the company completed the roll-out of updated branding to all of its stores. It also launched a new online “tile visualiser” and introduced tablet computers across in-store to enhance the customer shopping experience.
Trade sales increased to 48.3% of total sales.
Topps Tiles chief executive Matthew Williams said: “Topps had an encouraging first half, increasing like-for-like sales by 5.3% and achieving further growth in market share. Initiatives to upgrade and rebrand our stores, making the shopping experience even more inspirational, have been well-received by customers. Our well-established trade offer is also ensuring that we keep pace with the accelerating “do it for me” trend, as more customers than ever use a professional fitter for their tiling project.”
The company, which has 343 stores, extended its Topps Tiles Boutique store trial by opening two further stores in Knutsford and St John’s Wood. It now expects to have 12 to 13 Boutique stores open by the year end.
Looking at current trading, the company said like-for-like sales over the six weeks to 9 May increased by 5.1%.
Williams added: “We have made a positive start to the second half, with like-for-like sales up by 5.1% in the first six weeks of the period. Looking ahead, we are well-positioned to grow our market share further as we continue to extend the appeal of the Topps brand.”
