THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Omnichannel Futures Conference 2020
Online Conversion Summit 2020
Future of Retail Marketing 2020
The HR Summit 2020
AI in Retail Conference 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Topps Tiles posts decline in full year sales and profit

Topps Tiles has posted a decline in full-year sales and profit after struggling against a challenging market. In the year to 30 September, adjusted pre-tax profit… View Article

HOME & DIY

Topps Tiles posts decline in full year sales and profit

Topps Tiles has posted a decline in full-year sales and profit after struggling against a challenging market.

In the year to 30 September, adjusted pre-tax profit fell by 15.5% to £18.6 million while sales dropped to £211.8 million from £215 million in the previous year. On a like-for-like basis sales were down 2.9%.

Matthew Williams, chief executive of Topps Tiles, said: “The business responded well to the more challenging trading conditions we experienced in 2017, maintaining tight control of costs to help offset the reduction in gross margin and continuing to make good progress with its strategic initiatives.”

During the period, Topps Tiles conducted its annual refresh of strategy and now regards the commercial tile market as being key to its future growth plans.

The company said: “We have identified that there are areas of the commercial market that are economically attractive and where we consider that some of our core strengths can be further leveraged, providing a potential source of profitable growth for the business.”

Topps Tiles said it has identified several routes of entry into the commercial market and during the period it completed the acquisition of Parkside Ceramics for £1.1 million in cash. Parkside Ceramics specialises in the supply of tiles into the commercial segment and also distributes to independent kitchen and bathroom retailers.

Looking ahead, the company said the new financial year has started well.

Williams added: “Trading in the first eight weeks of the new financial year has improved, with like-for-like sales increasing by 3.2%. While we are retaining our prudent view of market conditions for the year ahead, we are encouraged by this return to like-for-like sales growth.

“We are confident that the combination of the significant further potential in our strategy of “Out-specialising the Specialists” with our accelerated plan to grow in the commercial tile market will underpin our future success.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Online Conversion Summit 2020
Online Conversion Summit 2020
April 30 2020
The Hallam Conference Centre, London W1W 6JJ
The Retail Bulletin Online Conversion Summit 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Hallam Conference Centre, 44 Hallam St, London W1W 6JJ
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2020
AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY