Topps Tiles delivers second year of record sales
Topps Tiles has seen its group sales climb by 4.3% year-on-year in its fourth quarter which means its full year sales have risen by 10.6%.
While total sales at the group’s Pro Tiler Tools and Tile Warehouse businesses climbed by 46.1% in the 13-week period ending 1 October, like-for-like sales at the Topps Tiles fascia edged down 1.2%. The fourth quarter outcome means that like-for-like sales growth for the full year in Topps Tiles is 9.4%.
Rob Parker, Topps Tiles chief executive, said: “We are delighted to have delivered a second successive year of record sales for the group, with profits expected to be towards the upper end of market expectations. All parts of the group contributed to this performance and are making good strategic progress as we develop and diversify the business.”
The group said that average weekly sales per store in Topps Tiles this year are 25% higher than in the pre-pandemic period of three years ago. Topps has attributed around half of the growth to the transfer of sales from closed stores as it rationalises its store network and improves store sales densities. It also said trade customers are key to the retailer’s performance.
Looking ahead, Parker said: “The group has worked hard to achieve a strong balance sheet with positive net cash and this will serve us well as we move into a period of macroeconomic volatility, leading to a more uncertain environment for consumers. In this context, our 20% market share goal of ‘1 in 5 by 2025’ and our growth strategy to deliver this will remain our primary focus, and we are confident that we will deliver against them both.”
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