Topps Tiles admits to mistake in recent results

In Topps Tiles' latest results update, the company advised of a like-for-like sales increase of +0.8% for the first eight weeks of the new trading year.

Today, Topps Tiles has issued a statement advising that like-for-like sales were, in fact, down by -0.3% during the period, advising that an error had been identified in the calculation. 

Shares in the tiles and flooring retailer dropped from 92.18 to 83.00 on the news, and have settled at around 85.00 this afternoon.

Topps Tiles reported record revenue in its latest results, which cover the 52 weeks ended 1 October 2016.

Text from the release follows:

"Further to the announcement of its annual financial results for the 52 weeks ended 1 October 2016 on 29 November 2016, the Group has discovered an error in the calculation of the like-for-like sales figure for the first eight weeks of the new financial year, such that like-for-like sales in the period were -0.3% and not +0.8% as previously stated.

"All other information within the announcement remains unchanged. 

"The Board confirms that its expectations for the current financial year remain unchanged."

Source : Insight DIY

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