Topps Tiles experiences tougher market conditions in second quarter
Tile retailer Topps Tiles saw its like-for-like sales edge down 1.9% in the first half of its financial year as it experienced softer market conditions in its second quarter.
Total revenues in the 26 weeks to 1 April were £106.5 million compared to £108 million a year earlier.
The company said trading in its second quarter reflected softer market conditions with like-for-like sales down 4.1%. The lower sales growth in the first half will primarily be offset by reduced operating expenditure.
During the period, Topps Tiles opened 10 new stores in its core estate and closed three. The company is currently trading from 358 stores, including 15 boutique stores, compared to 340 stores in the same period in the previous year. Topps Tiles expects to open around 15 net new stores in the current financial year.
Matthew Williams, Topps Tiles chief executive, said: "Market conditions over the second quarter have been tougher, but the business has responded well with tight control of costs. While we are taking a prudent view on the outlook for the balance of 2017, an improving trend over the second quarter provides some encouragement.”
Topps Tiles expects full year underlying pre-tax profit to be within the current range of analyst forecasts of between £21 million and £22.3 million, with consensus at £21.8 million.
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