Topps Tiles to continue ‘tight cost control’ after Q3 sales dip

Topps Tiles has posted a further decrease in sales for the 13 weeks ending 1 July 2018, and said it plans to continue “tight cost control” in the face of a “weaker consumer environment”.

In a Q3 update the tiling retailer reported a 2.3% decrease in like-for-like sales over the period, a continuation of the 2.2% decrease it saw in Q2 this year.  However when compared with the same period last year sales actually saw improvement on the -4.7% reported in 2017.

The company, which is currently trading from 375 stores, said that its third quarter has been reflective of a “weaker consumer environment”, adding that it “continue[s] to outperform the overall tile market and we are maintaining our focus on tight cost control and strong underlying cash generation”.

Matthew Williams, chief executive officer, said: “The trading environment remained challenging during the third quarter but we are pleased with the resilience of our performance which we believe remains ahead of the overall tile market. Our business has a market leading position, remains well-invested and is in a strong position to capitalise on future growth opportunities as they arise.  

“We have approximately doubled the size of our addressable market through our expansion into the commercial tile market segment and are focused on leveraging our specialism and competitive advantage across both retail and commercial channels.”