Topps Tiles posts strong first quarter sales growth
Topps Tiles increased its retail like-for-like sales by 19.9% in its first quarter after trade grew across its main customer groups of professional fitters and homeowners.
Giving an update on how it will trade during the new Covid-19 lockdown, Topps said the rules mean it has to close its in-store tile aisles to prevent browsing. Customers will still be able to transact at trade counters or through the retailer’s online channel with direct delivery or click & collect. The retailer said it expects the tighter restrictions to put its trading margins under some pressure due to delivery costs associated with higher levels of online sales.
Looking at its commercial business, Topps said its performance is in line with expectations.
Rob Parker, Topps Tiles chief executive, said: “As we have done throughout the pandemic, we are continuing to put colleague and customer welfare first. While the latest lockdown restrictions will impact sales, at this stage it is very difficult to estimate the level of impact or how long this may last.
“The business remains well funded, is debt free, has a market leading offer and a clear strategic focus on achieving our goal of ‘1 in 5 by 2025’. The combination of these factors gives me confidence that Topps is well-positioned for growth as we emerge from the restrictions of the pandemic and the economy recovers.”
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