Shares in Topps Tiles plummet to 12-month low

Shares in Topps Tiles plunged to a 12-month low on Thursday (27 February) after the firm issued a dire profit warning.

Topps’ share price plummeted to 60p – down from 78.6p the previous night – after it told the London Stock Exchange its profits were now likely to be “materially below the bottom end of the current range of market expectations” due to a challenging start to Q2.

The Leicestershire retailer’s previous low over the last 12 months was 60.8p in August 2019.

In a trading update for the eight weeks to 22 February, the firm reported a 5.5 per cent decline in retail sales which it attributed to “continued weak home improvement spending.”

CEO Rob Parker said: “Trading conditions in our second quarter have remained challenging, reflecting continued weakness in home improvement spending. Against this backdrop we are taking appropriate action to ensure we remain competitive, to reduce costs and to strengthen cash flows.”