Topps Tiles confirms profit forecasts
Analysts' estimates for Topps Tiles' pre-tax profit for the 52 week period ending 26 September 2009 is between £10.5 million to £14.0 million.
The company said that it expects to report that overall revenue for the 52 week period to be in the region of £186 million (2008: £208.1 million), with like-for-like revenues expected to show a decline of around 13.5 per cent (2008: declined 5.4 per cent).
The Group is now operating from 320 stores, having closed a net 22 stores during the course of this financial year. Commenting on trading, Matt Williams, CEO said:'Whilst we remain cautious in our outlook for the economy the business is proving its resilience by continuing to deliver profits in line with expectations and reducing net debt. The Board is reassured by our current trading performance and we are seeing signs of stability in our market.'
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