Topps Tiles makes strong start to final quarter
Topps Tiles has said trading in the first six weeks of its final quarter has been robust with like-for-like sales climbing by 15.5% year-on-year.
The company has also said its performance throughout the Covid-19 pandemic period has been significantly better than initial expectations.
While the retailer’s average weekly sales were down 80%, 69% and 20% respectively in April, May and June, trading then recovered in the six weeks to 8 August to average weekly growth of 13.1%.
Topps said it has benefited from a recent surge in the popularity of DIY as well as a steady recovery in trade customer demand following April’s low. Although online sales have moderated from peaks seen in April and May, they still remain above previous levels.
The retailer has now reopened all of its stores following the easing of lockdown restrictions and the vast majority are trading seven days a week.
Due to the strong retail performance over the six week period and an order bay which is significantly ahead of the prior year, Topps is now expecting to generate a modest level of adjusted pre-tax profit in the 52 weeks to 26 September.
Rob Parker, Topps Tiles chief executive, said: “I am pleased with how well the business has navigated the crisis to date and feel that we are well positioned for whatever comes next. Our colleagues have responded brilliantly over the last five months and I would like to once again place on record my thanks for their dedication and endeavour. I am also very grateful to our loyal customers who have continued to support us during this period.
“Our response to the pandemic has strengthened the business and fundamentally improved our liquidity position, providing further flexibility and putting us in a strong position both to benefit from the recovery in our markets and to meet any future challenges.”
