High Street

Topps Tiles retail revenues rise in Q4 results

Topps Tiles has reported a 15.5% year-on-year increase in retail revenues for the Q4 period ended 8 August 2020.

Average weekly sales also increased by 13.1% to £4.4m during the period. As a result, the retailer’s board now expects that the group will generate a “modest level” of adjusted profit before tax for the year ended 26 September 2020.

Topps Tiles said home improvement demand has been strong across the Q4 period, with DIY activity increasing sharply and trade customer activity “recovering steadily from April low”.

It added that while recent trading has been “extremely robust”, uncertainty related to Covid-19 “persists”. However, the retailer noted that the performance of the business through the pandemic period has been “significantly better than initial expectations”.

Rob Parker, chief executive, said: “I am pleased with how well the business has navigated the crisis to date and feel that we are well positioned for whatever comes next. Our colleagues have responded brilliantly over the last five months and I would like to once again place on record my thanks for their dedication and endeavour.

“I am also very grateful to our loyal customers who have continued to support us during this period.”

He added: “Our response to the pandemic has strengthened the business and fundamentally improved our liquidity position, providing further flexibility and putting us in a strong position both to benefit from the recovery in our markets and to meet any future challenges.”

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