Topps Tiles posts decline in first quarter sales
Topps Tiles has seen its first quarter group sales decline by 4% as consumers put off spending on upgrades to their homes.
In the 13 weeks to 30 December, like-for-like sales in its Topps Tiles business fell by 7.1%, although sales to trade customers were more resilient than those to homeowners.
The group said trading at its Pro Tiler Tools online business was strong and its Parkside commercial business performed in line with expectations.
Based on several factors including the timing of the holiday pay accrual, higher first half energy usage and trading in the first part of the year, Topps said it continues to expect group profits in 2024 to be weighted towards the second half.
Looking ahead, it added: “The group remains well-positioned to respond to market conditions and we expect to have gained further market share in the first quarter, driven by our world-class customer service, market-leading brands and specialist expertise, and supported by our strong balance sheet. We remain excited about the opportunities for Topps Group over the medium term.”