Topps Tiles ‘confident’ despite 2.8% revenue decline
The brand, which sells tiles for kitchens and bathrooms across 300 sites in the UK, also produced a pre-tax profit of £4m
Topps Tiles is remaining “confident” after it saw revenues decline by 2.8% in the six months to 27 March, due to lockdown restrictions.
In an update, the retailer said the results reflect “two distinct and contrasting” periods of trading – with stores originally seeing like-for-like sales up 19.9% in Q1 before falling to 17.3% in Q2 after Covid-19 restrictions were introduced.
The brand, which sells tiles for kitchens and bathrooms across 300 sites in the UK, also produced a pre-tax profit of £4m.
Looking ahead, Topps Tiles has said it is demonstrating that it can “recover strongly” – with the business seeing two year like-for-like sales up 16.8% since its stores reopened on 12 April.
Rob Parker, chief executive at Topps Tiles, said: “Inevitably, our first half results reflect two sharply contrasting periods of trading. An exceptionally strong performance in Q1 demonstrated the ability of the business to bounce back following the initial lockdown.
“Our performance in Q2, while materially stronger than in the first lockdown, was heavily impacted by the re-imposition of Covid-related trading restrictions at the start of the period.”
He added: “We are confident of a much-improved performance in the second half and believe the group remains well positioned to take advantage of an expected increase in consumer spending as we focus on our market share goal of ‘1 in 5 by 2025’.”
