Like-for-like sales flat for Topps Tiles as it increases market share
Revenue for the UK's largest tile and wood flooring specialist with 327 stores was £177.8 million (2012 £177.7 million). Gross margin increased slightly to 60.2% (2012: 60.0%).
Market share increased to 28.5% (2012: 27%) which the company says reflects ‘its successful strategy of providing an inspirational shopping experience, unrivalled product range authority and multi-channel convenience’.
In the first eight weeks of the new financial period, Group revenues, stated on a like-for-like basis, increased by 7.4% (2012: 1.0%)
Commenting on the results, Matthew Williams, Chief Executive said,"We have successfully achieved our primary goal of growing profitable market share this year. We have delivered this by growing sales through self-help measures and retaining a tight control on all costs resulting in an increase in adjusted pre tax profits. Our strategy remains focussed on providing an inspirational shopping experience and unrivalled product range authority, coupled with exceptional multi-channel convenience.
"We have made a strong start to the new financial year, with like for like sales ahead by 7.4% on a like-for-like basis in the first eight weeks. While it is too early to confirm that this is a sustained trend, we are encouraged by this performance. Shareholders can be confident that, as market leader, Topps remains well positioned to continue to grow profitable market share and capitalise on any further improvement in the UK housing market and consumer confidence in 2014."
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