Topps Tiles - pre-close trading update

Topps Tiles Plc (the "Group"), the UK's largest tile specialist, reports a trading update for the 26 week period ending 31 March 2012, prior to entering its close period. The Board will announce interim results for the period on Tuesday 29 May 2012.

In continuing tough trading conditions the Group's sales performance in the first half has been broadly in line with management's expectations. Like-for-like revenues are expected to have decreased by c.4.5% reflecting, in part, tougher comparatives in the prior year (2011: 1.8% increase). Total revenues for the 26 week period will be in the region of c.£86.9 million (2011: £89.2 million), a c.2.5% decrease year on year.

Second quarter revenues are expected to have decreased by c.4.8% on a like-for-like store basis compared to 2011 (2011: 1.5% increase). However, due to the timing of the New Year Bank Holiday the second quarter contained one less trading day in 2012 and after adjusting for this the underlying like-for-like performance is a decline of c.4.0%.

The Group is currently trading from a total of 319 stores and expects to end the financial year with 325, in line with previous guidance.

There have been no further significant changes in the financial position of the Group since the publication of the Annual Report and Financial Statements for the 52 weeks ended 1 October 2011.

Source : Topps Tiles Plc
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