Resilient Topps shows improvement in Q3
Leicester-based Topps Tiles has reported a better-than-expected Q3 performance for the 13 weeks to 27 June.
The firm said this morning (July 1) that trading over the third quarter improved “significantly” as stores re-opened, with average sales per week growing from £800,000 during April (when all stores were closed) to £3.9m in the final week of June when all stores were trading, which was 5.4% below the same week in the prior year on a like-for- like basis.
Commercial sales for the quarter were £1.4m, which was 16% below the prior year and 39% below the previous quarter.
Rob Parker, chief executive, said: “I am pleased with the resilience shown by the business through this period and I would like to thank colleagues across the Group for their hard work and dedication which ensured that, by the end of June, all Topps stores were back open and serving our customers safely.
“The Group has demonstrated its resilience, with revenues ahead of our expectations, and we have strengthened our financial liquidity through the sale and leaseback of our central warehouse and head office facility.
“Looking ahead, from our market leading position and with a firm financial footing, Topps is well-positioned as the economy begins to recover.”