Topps Tiles reports ‘encouraging start to the year’

Topps Tiles Plc (“Topps” or the “Company”), the UK’s largest tile specialist, announces a trading update for the 13 weeks ended 2 January 2016.

Like-for-like revenues for the first 13 weeks of the current financial year increased by 4.4% (2014: up 5.2%).

Topps ended the quarter with a total of 340 stores.

Strategic Progress
We continue to make good progress with our strategy of “Out-Specialising the Specialists”, with specific initiatives in the period including:

• Inspiration – during the period we completed our second “lab store” in Shoreditch which features a range of new display & merchandising treatments. In addition, our industry leading visualiser was further upgraded during the period with extra room settings and new personalised functionality.

• Range – during the quarter we have launched 17 new ranges, with sales from lines launched in the last 12 months accounting for 8.9% of sales.

• Convenience – in the core estate we opened two and closed two stores during the quarter. The Group is currently trading from 340 stores, including 13 Boutique stores (2014: 336 stores including five Boutique stores).

In addition, the Group has now concluded the two previously announced initiatives to streamline its business. During the period seven Clearance stores have been closed and four remaining stores are currently being converted to our core format. In addition, all Group support functions have been consolidated into our main office in Leicester.

Matthew Williams, Chief Executive Officer, said: “I am pleased to report an encouraging start to the financial year with like-for-like sales growth of 4.4% in the first quarter. Our strategy of ’Out-Specialising the Specialists’ continues to be very effective and we are confident that our plan for 2016 will see us deliver additional profitable sales growth as we further extend the appeal of the Topps brand.”

Topps will hold its Annual General Meeting on 28 January 2016. 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 2 April 2016 on 6 April 2016.

Source : Topps Tiles Press Release
www.toppstiles.co.uk