Topps Tiles swings to half year loss
Topps Tiles has swung to a half year loss after trading was impacted by the coronavirus outbreak and challenging trading conditions.
The company posted a 6.1% reduction in like-for-like sales in the 26 weeks to 28 March when group revenue was also down, falling by 3.7% to £106.2 million.
Meanwhile, adjusted pre-tax profit fell to £1.2 million from £8 million in the corresponding period last year.
Rob Parker, Topps Tiles chief executive, said: “Covid-19 has created a complex and extremely challenging trading environment and I am pleased by the way the group has responded to this crisis so far.
“We are prioritising the safety of our colleagues and customers, protecting the business and working hard to ensure we emerge from this period in the strongest possible position.
“The strong growth of our online business, the development of a collection-only store model, and the encouraging initial customer response to our phased programme of store re-openings, all demonstrate our resilience in the face of the Covid-19 threat.”
The company is currently working towards having 250 stores fully re-opened by the end of May. The remaining shops are expected to follow by the end of June.
Parker added: “Having taken steps to strengthen our financial liquidity over recent weeks we believe our resources are sufficient to address the current challenge. Looking further ahead, as the UK’s leading tile specialist, Topps remains well-positioned as the economy begins to recover.”
