Topps Tiles revenue dips 1.3% to £292m after store closures
Topps Tiles has seen its group revenue dip by 1.3% to £292 million in the year to 26 September, with the decline reflecting the annualisation of prior year CTD store closures and the shuttering of underperforming Topps Tiles stores.
Group revenue, excluding CTD, edged up 0.6% to £267 million, although like-for-like revenue was down 0.1% after fourth quarter trading was affected by the heatwave in the UK.
Subscribe to TRBThe group said its Pro Tiler Tools business delivered record revenue of £42 million, with growth of 18.2% year-on-year.
Topps Tiles is expecting adjusted pre-tax profit for the full year to be in line with current market expectations. This follows the completion of its self-help programme, which included the optimisation of its store network, the introduction of a lower cost and more flexible labour model, and the consolidation of head office roles to support improved profitability.
It also continued to execute its digital and data strategy in the year, which saw online revenue, including CTD, reach 25.6% of group revenue in the group’s fourth quarter. For the full year, online revenue increased by 3.7 percentage points year-on-year to c.22.7%.
Meanwhile, Topps Tiles said its new hard surface categories performed well in the period, growing by 9.1%, driven by acoustic panels, outdoor tiles and shower panels.
