Topps Tiles hails strong fourth quarter performance
Topps Tiles has said trading in its fourth quarter was strong after sales were boosted by a robust home improvement market.
In the 13 weeks to 26 September, retail like-for-like sales rose by 16.5%. Topps Tiles said the good end to the year has meant that its board now feels confident that the company will generate a modest level of adjusted profit pre-tax for the year to 26 September.
Rob Parker, Topps Tiles chief executive, said: “Our retail business has performed strongly over the final quarter and our order bay provides an encouraging view of the early weeks of the new financial year. While the commercial market is rebuilding more slowly, impacting on the recovery trajectory of our commercial business, it remains a key part of our longer term growth strategy.”
Meanwhile, the company’s revenues for the 52 week period to 26 September are expected to be in the region of £192 million compared to £219 million in the previous year.
Looking ahead, Parker added: “I remain very positive about the longer term outlook for the group but also recognise that the continuing impact of the Covid-19 pandemic may lead to more difficult trading conditions over the short to medium term. As market leader, and with our strong balance sheet, the business is well positioned to navigate these conditions and to meet future challenges.”
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