Topps Tiles Reports 1.4% Decline in Q1 Like-For-Like Sales

Topps Tiles Plc (the “Group”), the UK’s largest tile specialist, announces a trading update for the 13 week period ended 29 December 2018.

Like-for-like revenues for the first 13 weeks of the current financial year decreased by 1.4% (2018: +3.4%).

Strategic Progress

Retail – our strategy of “out specialising the specialists” continues to serve us well.  Digital remains at the heart of our multi-channel business, with almost all of our customers utilising the digital aspects of our offer and our stores as part of their journey with us. We are now trading from 367 stores (Q1 2018: 371 stores), having opened one and closed two stores during the period, and the flexibility of our core estate is a key strength.  

Commercial – we continue to make good progress with our plans for commercial and our strategy of “disrupt and construct” is proving successful.  We have recruited an experienced salesforce and are evaluating opportunities to further strengthen the team.  We are building an encouraging pipeline of future potential projects and are on track to open two new showrooms during the second quarter; bringing the total to four.  

Group – profitable sales growth and tight control of costs remain our priorities, along with efficient conversion of trading revenues into free cash flow. 

Matthew Williams, Chief Executive Officer, said: “Against a challenging market backdrop and a strong period of performance in the prior year we believe the business has performed robustly over the first quarter.  We remain excited by both the opportunity for profitable growth that our expansion into commercial segment will bring and the continued opportunity to further strengthen our market leading position overall.”

Topps Tiles will hold its Annual General Meeting on 30 January 2019.  In line with previous practice, no further update on trading will be given at this point.

The Company will announce a trading update for the 26 weeks ended 30 March 2019 on 3 April 2019.

Source : Topps Tiles

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