Topps Tiles sales dip 5.9% to £122.6m in H1
Like-for-like sales were 11.3% lower year-on-year in the second quarter, driven by lower footfall and volume
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Topps Tiles sales fell 5.9% to £122.6m for the 26-week period ended 30 March 2024, despite a “record revenue performance” in 2023.
The retailer has attributed the lower footfall to a subdued demand in the domestic Repair, Maintenance and Improvement (RMI) sector, especially for bigger ticket projects.
Like-for-like sales were 11.3% lower year-on-year in the second quarter, driven by lower footfall and volume.
Trading in the Online Pure Play businesses remained “strong”, with positive sales progress in Pro Tiler and Tile Warehouse, resulting in year-on-year sales growth of 38.3% over the first half.
The retailer has announced that it will complete the acquisition of the remaining 40% shareholding in Pro Tiler Limited, and that the co-founders will remain within the business.
In an official statement, the retailer said: “Group profitability in the first half of the year will be impacted by a number of factors including the weaker market, the timing of the holiday pay accrual and seasonally higher energy usage in the period.
“With its market leading brands, specialist expertise and world-class service, the group is well-positioned to benefit from a cyclical recovery in the RMI market. The business remains in a strong financial position, with a robust balance sheet, and is focused on maximising market opportunities and emerging in a stronger competitive position as the market improves.”
