Strong Q2 boosts retailer’s growth prospects
TOPPS Tiles, the retailer with 330 stores nationwide, says it is on course for a good year after it continued to trade well in the second quarter.
The group, which has an operational base in Handforth near Stockport, said in a pre-close update ahead of its half-year results for the 26 weeks to March 29, its like-for-like sales will be up around 10%.
Total revenues will be circa £97.5m, up from £87.4m in H1 2013.
Underlying profits for the first half are expected to be around £8m (2013: £4.7m).
Topps said: “At the time of the Q1 trading ppdate in early January, we indicated that the company’s performance during the second quarter would be key to our expectations for the year. The business has continued to perform well and we move into the second half with a confident view of the outlook.”
The company said it sis “very confident” of achieving a full year profit in line with the current market consensus of £16.4m.
Chief executive Matthew Williams said: “With the strong start we made to the year being sustained into the second quarter, we now expect a significantly improved profit performance year on year.
“We are continuing to focus on our strategy of taking further market share and remain optimistic about prospects for the business.”
