Topps delivers encouraging growth in Q3

Tile retailer Topps Tiles has reported a growth in third quarter sales and remained in line with expectations.

According to its latest trading update for the 13-week period ended 2 July 2022, group sales were up 9.2% year on year, including the benefit of a full quarter of trading from Pro Tiler Tools.

Within its omni-channel business, Topps Tiles, has continued to perform well in the third quarter, with like-for-like sales up 2.9% over the period. In the most recent 11 weeks, where the comparative period in FY21 was not impacted by trading restrictions, like-for-like sales were 0.9% lower when compared to a very strong period of trading last year.

“Sales, margins and operating costs remain in line with our expectations”, Topps said.

Within its Commercial business, sales continue to grow well despite a subdued market, with year-on-year growth of 26% in the third quarter. 

“We remain confident that the business will break even in the second half of the year and then move into profitability in FY23,” Topps added.

“We have made good progress in our new Online Pure Play businesses, with the acquisition of Pro Tiler Tools and the launch of Tile Warehouse this year. Sales in Pro Tiler Tools, which offers tiling-related consumables and equipment to trade customers, were up 26% compared to the same period last year.”

Rob Parker, CEO, commented: “Despite the continuing headwinds from lower consumer confidence, supply chain challenges and high inflation, trading remained encouraging and in line with our expectations in the third quarter, with Group sales up 9.2%.  Sales per store in Topps Tiles remain significantly ahead of our pre-pandemic performance, Commercial and Pro Tiler Tools are growing well year on year, and we have successfully launched our newest brand, Tile Warehouse.

“Whilst we are mindful of the current economic pressures and their impact on the outlook for consumers, we are confident that our successful strategy, multiple growth drivers and strong balance sheet leave us well-positioned to deliver medium term growth and our 20% market share goal of ‘1 in 5 by 2025’.”

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