Topps sales fightback continues
RETAIL group Topps Tiles says although sales are up and consumer confidence is continuing to return, it expects this year to be tough.
The group, which has its head office in Handforth, Cheshire, operates 308 stores nationwide. In a trading update ahead of its annual meeting it said sales had continued to improve in the last two months.
Like-for-like sales in the first 14 weeks of its new financial year are 5.5% ahead of last year.
Chairman and founder Barry Bester said: “We are very pleased with the trading performance over the first 14 weeks which provides reassurance that consumer confidence is returning.
“However, we remain cautious in the outlook for the economy and believe that 2010 may continue to present a challenging economic environment for consumers.
“We have a resilient business model which delivers outstanding value to our customers, and we believe that we will continue to see the benefits of this in the current financial period.”
The retailer said it was in a solid financial position after raising £15m in November in a “bookbuild placing”.
It said the funds would give it both additional financial flexibility in the event of a further downturn in consumer confidence and spending and also additional resources to support its growth strategy as opportunities arise.
Topps confirmed that it had now withdrawn financial support from its loss-making subsidiary in the Netherlands and the business was now in administration.
