Topps Tiles see profits crack by almost 33%
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Topps Tiles has seen a 32.6% drop in pre-tax profits, falling from £9.5m to £6.4m.
The firm did see revenue growth in the six months ending on March 31 by 3.7% up to £110.5m from £106.6m.
In a recent attempt to pull in more customers the retailer ran several sales and promotions, however these put a further squeeze on finances.
Matthew Williams, chief executive at Topps Tiles said: “After a strong start to the year, market conditions became more challenging over the second quarter, when our like-for-like sales performance was also impacted by the adverse weather and the earlier timing of Easter.
“Against this background, our clear strategic focus, coupled with strong promotional positioning, enabled us to outperform the overall UK tile market.”
Experts expected Topps Tiles to lower their outlook for the year following the news, with the company saying despite being “cautious” they expect to meet forecasts.
Topps Tiles saw a rise in share prices this morning of 2.9%.
