Topps Tiles sales fall in second quarter
Tile retailer Topps Tiles has revealed that it faced more challenging trading conditions in its second quarter when like-for-like sales fell by 2.2%.
The result meant that like-for-likes crept up by 0.6% in the first half of its financial year. Total revenues for the 26-week period to 31 March were £109.4 million compared to £106.6 million in the first half of the previous year.
In a statement, Topps Tiles said: “Trading in the second quarter has seen a slowdown from the levels reported in Q1, with like-for-like sales down by 2.2%. While we estimate that short term weather factors in late February and March, and the timing of an earlier Easter, account for around 1.6% of the second quarter like-for-like sales reduction, it is also clear that that there has been a softening of the underlying market.”
The company said it is continuing to invest in its Parkside business as it works to develop it into a leading brand in the commercial tile market.
It has also begun a store improvement programme which will include implementing the latest customer merchandising treatments, such as a design advice area, across its entire estate over the next two years.
Looking ahead, Matthew Williams, Topps Tiles chief executive, said: “After a strong start to the year, market conditions have become more challenging over the second quarter. While the business has responded well with a performance ahead of the overall tile market, we are retaining a cautious view of market conditions for the remainder of the year.”
