Topps Tiles first quarter sales growth slows

Topps Tiles reported encouraging first quarter sales, with like-for-like revenues showing growth, although this was a little slower than the previous year.

Topps Tiles

40.60p

16:34 14/11/24

6.28%

2.40p

In a trading update for the 13 weeks ended 2 January, the tiles and flooring retailer said like-for-like revenue was up 4.4%, compared with 5.2% in the same period the previous year.

Topps said it has made good progress with its strategy of “out-specialising the specialists”. In particular, it completed its second “lab store” in Shoreditch, which features a range of new display and merchandising treatments.

During the quarter, the company launched 17 new ranges, with sales from lines launched in the last 12 months making up 8.9% of revenue.

In the core estate, it opened two establishments while closing another two stores during the quarter.

In addition, Topps Tiles said it has now concluded the two previously announced initiatives to streamline its business.

Seven clearance stores have been closed and four remaining stores are currently being converted to its core format, while all group support functions have been consolidated into Topps’ main office in Leicester.

Chief executive Matthew Williams said: “Our strategy of 'Out-Specialising the Specialists' continues to be very effective and we are confident that our plan for 2016 will see us deliver additional profitable sales growth as we further extend the appeal of the Topps brand."