Sales slump continues at Topps Tiles
THE FOUNDER of retailer Topps Tiles said today there had been no improvement in sales since last month, when the group reported an 18% slump in the first weeks of its new financial year.
The company, the country’s biggest tiling and wood flooring specialist, is to hold its annual general meeting later today. Updating the City ahead of the event, chairman Barry Bester said revenues in the first 13 weeks of the financial year are down 13.3% and like-for-like revenues off 18.1%.
In December, Topps which has a major administrative base in Handforth, Cheshire, revealed a sharp fall in annual profits, from £37.8m to £27.7m in the year to September 2008. The slump prompted it to axe its final dividend.
Today, Topps said it has opened three new stores and relocated or closed six, taking its total of UK outlets to 317. In Holland it has 22 stores.
Mr Bester said: “The board remains confident in our resilient business model and we continue to manage the business with a prudent focus on cash and costs whist maintaining our dedication to delivering outstanding value for money to all of our customers.
“We anticipate that a sustained period of weak consumer confidence will cause continued pressure across our industry, but believe that the Topps business is well placed to capitalise on the opportunities that this will present.”
