Topps Tiles expects full year LFL sales to have dropped by 0.5%

Topps Tiles Plc (the "Company"), the UK's largest tile specialist, reports on trading for the 52 week period ending 28 September 2013, prior to entering its close period.

Revenues for the 52 week period are expected to be level with the prior year (2012: £177.7 million). Like-for-like revenues are expected to show a decrease of c.0.5% on the prior year (2012: decrease of 0.7%).

The Board expects adjusted pre-tax profit for the 52 week period will be in the region of £13.0m (2012: £12.8m).

The Group is currently trading from 328 stores, having opened 18 stores and closed or relocated 15 during the year.

Matthew Williams, Chief Executive Officer, said:

"In the face of some trading headwinds across the year we implemented a range of self-help measures which enabled us to take market share and deliver a modest increase in profit year on year.

"After the declines seen in the second and third quarters, sales over the final three months of our financial year have been broadly level on a like for like basis which provides encouragement for the year ahead. The economy is starting to show signs of a gradual recovery and our business is well positioned to capitalise on any improvements in consumer confidence and increased levels of discretionary expenditure."

There have been no significant or unexpected changes in the financial position of the Group since the publication of the Interim Report for the half year ended 29 March 2013.

Topps will announce its preliminary results for the 52 week period ending 28 September 2013 on Tuesday 26 November 2013.

Source : Topps Tiles
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