Topps Tiles first quarter sales impacted by ‘softer’ trading conditions
Topps Tiles has reported that like-for-like revenues increased by just 0.3% in its first quarter as the retailer faced a “softer” trading environment.
The increase compares to a 1.4% rise in the previous quarter.
By the end of the 13-week period to 31 December, Topps was operating a total of 356 stores including 15 in its smaller boutique format. It opened five new stores in the core estate and expects to open around 15 new stores in the current financial year.
During the period, the retailer began to see the early results from its expanded trade rewards loyalty programme. It now has 24,000 participating traders and approximately two thirds of trade sales are linked to the scheme.
Matthew Williams, Topps Tiles chief executive, said: “We experienced softer trading conditions during the first quarter but we remain confident that we have continued to outperform the overall tile market. Against this background, our proven strategy, well-invested business and market leading position, leave Topps well-placed for further market share gains in the year ahead.”