Record-breaking first half for Topps Tiles
Leicester-based Topps Tiles has posted record first half sales, it announced this morning (May 24).
The firm turned over £119m during the 26 weeks to April 2, while profit before tax rose by 40% to £5.6m.
Trading has remained at “good levels” within the Topps Tiles brand, with like-for-like sales growth of 5.7% in the first seven weeks of the second half.
Rob Parker, chief executive said: “The group has delivered record first half revenues against a backdrop of continued robust demand for home improvements. While supply chain and inflation headwinds strengthened in the period, we are managing these challenges effectively overall and believe we remain well positioned relative to many of our competitors.
“We have continued to develop the Topps Tiles brand, enhancing our store portfolio and introducing a number of new developments to our award-winning website to further strengthen our omni-channel capability.
“We are pleased to announce the launch of Tile Warehouse, a new online-only brand which brings everyday low prices to homeowners. This builds on the acquisition of Pro Tiler in March and forms the basis for a new, high growth, online-only sales channel, leveraging our core strengths in product, service and scale.
“Looking ahead, we are mindful of the growing burden on consumers from inflation and rising interest rates as well as ongoing supply chain challenges, however, we remain confident in our strategy and medium term growth prospects.”