Tile retailer Topps Tiles Plc has reported a second record year of sales with profits towards the upper end of market expectations.
According to its latest trading update for the 52-week period ended 1 October 2022, group sales were approximately £247.3m, a second consecutive record year of turnover, with year-on-year sales growth of 10.6% on a comparable 52-week basis.
Group sales in the 13 weeks to 1 October were 4.3% higher year on year, with positive progress from all parts of the Group.
The Topps Tiles brand continued to perform well against a ‘very strong comparative period last year’. Like-for-like sales were 1.2% lower than last year in the final quarter, with the underlying like-for-like sales trend similar to that reported in the Q3 Trading Update. Like-for-like sales growth for the full year in Topps Tiles was 9.4%.
Rob Parker, CEO, said: “We are delighted to have delivered a second successive year of record sales for the Group, with profits expected to be towards the upper end of market expectations. All parts of the Group contributed to this performance and are making good strategic progress as we develop and diversify the business.
“Our market leading omni-channel retail business, Topps Tiles, has performed well against strong prior year comparatives and we are continuing to grow our base of loyal trade customers. Our expansion into the commercial market through our Parkside brand is now generating in excess of £10 million of sales, and we expect it to be profitable moving forwards. This year we have further expanded our activities into online pure play through the acquisition of Pro Tiler Tools and the creation of Tile Warehouse – both of which present further opportunities for profitable growth.
“The Group has worked hard to achieve a strong balance sheet with positive net cash and this will serve us well as we move into a period of macroeconomic volatility, leading to a more uncertain environment for consumers. In this context, our 20% market share goal of ‘1 in 5 by 2025’ and our growth strategy to deliver this will remain our primary focus, and we are confident that we will deliver against them both.”