Topps Tiles reports first quarter sales fall
Like-for-like sales at Topps Tiles fell by 5.4% in the retailer’s first quarter after trading was impacted by political and economic uncertainty in the lead up to the general election.
In the first eight weeks of the period ending 28 December, retail like-for-like sales dropped by 7.2%. However, trading improved in the final five weeks of the period when like-for-like revenues reduced by 1.4%.
Rob Parker, Topps Tiles chief executive, said: “Our first quarter performance reflects the full impact of the heightened political and economic uncertainty evident in the run up to December’s general election, which we first noted in our 2019 full year results announcement.
“Trading conditions remained challenging throughout the period and, against this backdrop, we ensured that we continued to offer our customers excellent value for money. As expected, the retail like-for-like sales decline began to return to its pre-election trend towards the end of the quarter.”
The retailer said its overall customer satisfaction score is continuing to improve, with 88% of customers saying that they were “highly satisfied” across the quarter.
Topps Tiles ended the period with 361 stores after closing one store and relocating another.
The retailer also said its entry into the commercial market is progressing well.
Parker added: “As we enter 2020, we remain confident that our market-leading retail offer and growing commercial operations give us a strong platform from which to deliver sustainable growth over the medium and long term.”
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