Topps ‘confident’ despite economic headwinds

Leicester-based Topps Tiles says sales for its third quarter to July 2 are up 9.2% above year-on-year, after a full 13 weeks trading from Pro Tiler Tools boosted revenue.

Reporting to the London Stock Exchange this morning (July 6), Topps said that like-for-like sales for the quarter were up by almost 3%, but that in the most recent 11 weeks, where the comparative period in FY21 was not impacted by trading restrictions, like-for-like sales were 0.9% lower when compared to a “very strong” period of trading last year. Sales, margins and operating costs remain in line with the company’s expectations.

Rob Parker, CEO, said: “Despite the continuing headwinds from lower consumer confidence, supply chain challenges and high inflation, trading remained encouraging and in line with our expectations in the third quarter, with group sales up 9.2%. Sales per store in Topps Tiles remain significantly ahead of our pre-pandemic performance, Commercial and Pro Tiler Tools are growing well year on year, and we have successfully launched our newest brand, Tile Warehouse.

“Whilst we are mindful of the current economic pressures and their impact on the outlook for consumers, we are confident that our successful strategy, multiple growth drivers and strong balance sheet leave us well-positioned to deliver medium term growth and our 20% market share goal of ‘1 in 5 by 2025’.”