Topps Tiles posts first half sales uplift ahead of £4 million cost increase
Topps Tiles has posted an uplift in first half sales after volumes built progressively following a slower January.
In the 26 weeks to 29 March, group sales, excluding its recently acquired CTD, increased by 4% to £127.7 million as underlying sales rose by 4.4% in the second quarter and by 3.3% in the first.
Underlying like-for-like sales within the Topps Tiles brand climbed by 3.7% in the retailer’s second quarter while like-for-like sales were 3% higher across the first half period.
Meanwhile, trade sales within Topps Tiles increased by 12% in the first half, with the number of active traders at the end of the period up 11% year-on-year to 146,000.
Sales through Topps Tiles’ digital channels were up 15% in the half year after a four-fold increase in online trade traffic. During the period, the brand made good progress with the development of its new customer engagement platform and trade app, which will launch in 2025 and 2026 respectively.
Topps Tiles said its external cost environment remains challenging as the forthcoming increases in National Living Wage and National Insurance will £4 million to its wage bill.
Rob Parker, Topps Tiles chief executive, said: “Following our return to sales growth in the early weeks of the year, we are pleased to see this trend accelerate in the second quarter, driven by some initial signs of success from our new strategic initiatives, including an improved trader digital experience and further category extensions.
“Whilst macroeconomic indicators remain mixed, we remain focused on the delivery of our strategy which we are confident will lead to the achievement of our Mission 365 goal over the medium term.”
