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Topps Tiles H1 2021 revenues hold steady

This was mainly attributed to the 19.9% year-on-year increase to retail sales in the first quarter of the financial year

Topps Tiles, a tiling retailer, saw its total revenues for the 26 weeks ended 27 March 2021 fall 2.4% year-on-year to £103.6m.

However, included in the group’s first half financial results was a 2% retail like-for-like sales growth over the period.

This was mainly attributed to the 19.9% year-on-year increase to retail sales in the first quarter of the financial year.

The group’s second quarter represented a 17.3% decline in like-for-like sales, as trade was “significantly impacted” by the national lockdown.

Rob Parker, CEO at Topps Tiles, said: “Our revenues for the first half reflect a very strong first quarter followed by a period over the majority of the second quarter when sales, particularly to homeowners, were significantly impacted by the trading restrictions imposed on our stores during the third national lockdown.  

“The group adapted to the changed environment swiftly and effectively, producing a resilient performance in the circumstances.”

Topps Tiles said that it was looking to its strong performance in Q4 of FY20, where like-for-like sales increased 16.5%, as a guideline for an expected “sharp increase” to revenues upon the lifting of trade restrictions.

Parker added: “We are looking forward to the lifting of lockdown restrictions in April and are concentrating on being well prepared for the return of all customers to our stores.  

“We have a strong balance sheet, are debt-free, and are well positioned for growth this financial year.”

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