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Topps Tiles, the UK’s leading tile specialist, has revealed that its total sales increased 4.4% year-on-year in the third quarter, according to its trading update for the 39-week period ended 1 July 2023.
It also reported that for the year-to-date 39-week period, total sales growth was 7.6% year-on-year.
The group said that the “robust” sales performance continued into the third quarter and led to a 2.5% boost in like-for-like sales higher year on year in the quarter, and 3.7% higher on a year-to-date basis.
It also stated that gross margins continued to improve sequentially quarter-on-quarter, as inflationary pressures on cost of goods and shipping costs reduced. Additionally, operating costs and profits remain in line with our expectations.
Sales of its online brands, Pro Tiler Tools and Tile Warehouse, also grew in excess of 60% in the quarter.
Looking ahead, Topps Tiles said that current market expectations for FY23 as of 4 July 2023 are in the range of £11.3m to £12.3m of adjusted profit before tax, with a consensus of £11.8m.
The tile retailer also remains “confident” that adjusted profit before tax in the second half will be “materially higher” than the first half, and that it will perform in line with market expectations for the year as a whole.
Rob Parker, CEO, said: “As we celebrate our 60th anniversary, we are pleased to be reporting a continued robust performance in the third quarter, led by Topps Tiles and Pro Tiler Tools, and the successful implementation of a business improvement plan at Parkside.
“Looking ahead, we are confident that our core strengths of leading brands, world class customer service, specialist expertise and a strong balance sheet will enable us to continue to deliver value for all stakeholders.”
