Topps Tiles sales in decline
Topps said in the seven weeks since the start of April sales overall were down by 5% with like-for-like sales down 4.3%.
"Our current trading figures demonstrate the challenges facing retailers, with ongoing pressure on consumer spending levels and confidence," the company said.
For the 27 weeks to 3 April, Topps result were in line with its previous guidance. Sales rose to £91.4m from £87.6m, with like-for-like sales up by 2% against a fall of 18.5% this time last year.
Profits rose to £7.4m from £1.3m, though they fell slightly on an adjusted basis to £7.8m from £8.7m. Operating profits were £10.3m against £10.9m.
Matthew Williams, CEO, said: 'The economic environment remains challenging for retailers, with consumer confidence and discretionary spending continuing to show signs of weakness. In light of this backdrop, our business has performed robustly; growing sales and continuing to keep a tight control on costs. As the market-leading brand with a distinct focus on outstanding customer service and value, we believe the business is well placed to benefit when consumer confidence returns.'
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