Topps Tiles confident on outlook as it reports uplift in sales and profits
Tile specialist Topps Tiles has reported a rise in both sales and profits in the year to 1 October with growth driven by new ranges, an increase in trade customers, and new store openings.
Group revenue grew by 1.3% to £215 million while like-for-like sales rose by 4.2%
Meanwhile, adjusted pre-tax profit was up 7.8% to £22 million. Statutory pre-tax profit climbed by 17.6% to £20 million.
Matthew Williams, Topps Tiles chief executive, said: "I am pleased to report that Topps has delivered a strong performance for the year, with our unrivalled combination of range, inspiration and convenience resonating with more customers and driving sales to a new record.”
The company said its strategy of "Out Specialising the Specialists" continued to deliver results. Trade sales increased to 52% of total sales compared to a previous 50% driven by growth of its trade loyalty programme and the trend for customers to employ tradesmen to "do it for me”.
Sales also benefited from the retailer’s continued new product development with 12.6% of tile revenues being generated from ranges launched in the last 12 months.
During the year, Topps saw 19 new stores openings including four rebrands and two relocations. The retailer is now trading from 352 stores compared to 346 in the previous year.
The company said like-for-like sales in the first eight weeks of the new financial year rose by 0.8%. Williams added: “Our proven strategy, well-invested business and market leading position, leave Topps well-placed for further progress in the year ahead."
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