Topps Tiles backs full year guidance after strong third quarter
Topps Tiles has backed its full year guidance after posting group sales growth of 4.4% in its third quarter.
Meanwhile like-for-like sales at Topps Tiles were 2.5% higher year-on-year and 3.7% higher on a year-to-date basis in the period.
The group said gross margins continued to improve in the quarter as inflationary pressures on the cost of goods and shipping costs reduced. It also benefited from buoyant sales at its online brands,Pro Tiler Tools and Tile Warehouse brands, where sales grew in excess of 60% in the quarter.
The group also operates a commercial arm called Parkside which launched a business improvement plan in the period.
Rob Parker chief executive of Topps Tiles, said: “As we celebrate our 60th anniversary, we are pleased to be reporting a continued robust performance in the third quarter, led by Topps Tiles and Pro Tiler Tools, and the successful implementation of a business improvement plan at Parkside.”
Topps said it remains confident that second half pre-tax adjusted profit will be materially higher than the first half of the year.
Parker added: “Looking ahead, 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 continue to deliver value for all stakeholders.”
