Topps Tiles lays down third quarter revenue growth

Tile specialist Topps Tiles posted its third quarter trading update on Wednesday, with like-for-like revenues increasing by 6.2% in the 13 weeks to 2 July.

The London-listed retailer said that was slightly ahead of the 6% growth seen in the same period last year, and well ahead of the 4.7% growth in the first half and 4.9% in the second quarter.

Topps said it was continuing to make good progress with its strategy of “out-specialising the specialists”, launching a number of specific initiatives during the period.

These included a new personalised digital brochure service which allows customers to create a bespoke pamphlet with content specific to the rooms and designs of interest, the launch of several new ranges with a focus on “natural” looks, and the opening of six new stores during the quarter.

The group was now trading from 348 stores, including 15 “boutique” stores, up from 346 stores at the same time last year, which included 11 “boutique” stores.

“Our focus on the successful strategy of 'out-specialising the specialists' has enabled us to deliver healthy like-for-like sales growth of 6.2% in the third quarter, with initiatives to extend the appeal of the Topps brand continuing to attract new customers,” said Topps Tiles chief executive Matthew Williams.

“While it is currently too early to ascertain the implications of the result of the UK referendum, we remain confident in the longer term outlook for our business and in our ability to outperform the market.”