Sales slump at Topps as cost of living bites

Sales have fallen at Leicestershire-based tile retailer Topps Tiles.

The company reported this morning (January 4) that sales during its first quarter were down by 7.1% on the previous year, blaming “challenges to discretionary spending” among its customers.

A statement from the company said: “As disclosed in the 2023 full year results, based on a number of factors including the timing of the holiday pay accrual, higher energy usage in H1 and trading in the first part of the year, we expect the group’s profits in 2024 to be weighted towards the second half.

“The Group remains well-positioned to respond to market conditions and we expect to have gained further market share in the first quarter, driven by our world-class customer service, market-leading brands and specialist expertise, and supported by our strong balance sheet. We remain excited about the opportunities for Topps Group over the medium term.”