Topps confident despite sales slide

SALES at retailer Topps Tiles are continuing to slide but management remain confident of hitting full-year targets.

In an interim management statement the group said like-for-like revenue was down by 10.9% in the 18 weeks to August 1, compared with 8% in the same period last year.

The Cheadle Hulme-based group said conditions remained challenging due to weak consumer confidence but it is, “on track to meet management expectations for the full year”.

Topps is now trading from 312 stores in the UK, having opened five new stores and closed or relocated 13 during this financial year.

In Holland it is trading from 13 stores, having closed nine since the end of March.

In May the group released interim figures which showed a sharp drop in pre-tax profit from £15.8m to £600,000. Turnover fell from £106.3m in 2008 to £92.1m.