Topps Tiles like-for-likes slip due to 'weaker consumer environment'
Topps Tiles saw its like-for-like sales decline by 2.3% in its third quarter as it faced a “challenging” trading environment.
In an update for the 13-week period ending 1 July, the tile retailer said trade had been impacted by a weaker consumer environment.
Matthew Williams, Topps Tiles chief executive, added: "The trading environment remained challenging during the third quarter but we are pleased with the resilience of our performance which we believe remains ahead of the overall tile market.“
The company is now trading from 375 stores after opening two new shops and closing three stores in the quarter.
During the period, Topps launched extensions to its Statements range with tiles that can be used outdoors. In addition, it continued its store investment programme and now has 140 stores featuring its latest merchandising treatments.
It is also continuing to expand into the commercial segment of the tile market through its Parkside business.
Williams said: “Our business has a market leading position, remains well-invested and is in a strong position to capitalise on future growth opportunities as they arise. We have approximately doubled the size of our addressable market through our expansion into the commercial tile market segment and are focused on leveraging our specialism and competitive advantage across both retail and commercial channels."
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