Topps Tiles reports second quarter sales growth

Flooring retailer Topps Tiles expressed confidence on Wednesday as it reported solid growth in second quarter sales.

In a trading update for the 26 week period ending 2 April, the company said second quarter revenues increased 4.9%.

Total revenue for the first half rose to £108m from £104m the previous year, while like-for-like revenues for the 26 week period grew 4.7%.

Topps Tiles said it continues to make good progress with its strategy of ‘out-specialising the specialists’.

Chief executive officer Matthew Williams said: “I am pleased to report that the group has continued its encouraging trading performance, with like-for-like sales growth accelerating to 4.9% in the second quarter.

“Our strategy of 'Out-Specialising the Specialists' is continuing to deliver profitable sales growth and we enter the second half of our financial year in good shape, confident that our plans to extend the appeal of the Topps brand will underpin our further progress."

During the period, the company completed the roll-out of new inspirational wall displays which will make the full range of products easier for customers to shop.

In addition, it launched 17 new tile ranges, with sales from lines launched in the last 12 months accounting for 8.7% sales.

In the core estate, Topps opened four stores and closed two units during the quarter. It is currently trading from 342 stores including 13 boutique stores; this compares with 340 stores, four of which were boutique, in 2014.

At 0818 BST, Topps Tiles shares were up 2.2% to 149p.