Sales slump at Topps Tiles

TOPPS Tiles is planning to open fewer new shops in the next six months as it reacts to falling sales.

In a pre-close trading statement the business, which is based in Handforth, Cheshire, said sales for the last six months were down by 18%.

The group expects to report overall revenue of £92m when it unveils its half-year figures on May 27. Last year like-for-like sales dipped 0.9%.

The statement said: “We are trading from a total of 340 stores, and we intend to pursue a more limited store opening programme for the remainder of the financial year.”

In December Topps 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.

The company is the country’s biggest tiling and wood flooring specialist.