Topps Tiles hails strong Q1 trading
The company still expects its profitability to be weighted towards the second half of the year
Topps Tiles has reported a “strong Q1” with group sales up 10.2% year on year for the 13-weeks ended 31 December 2022.
The company stated that approximately half of this growth was down to its acquisition of Pro Tiler Tools. It also believes that the timing of Christmas and New Year benefitted first quarter sales by about half a percentage point.
Like-for-like sales were 5.1% higher than last year, with total sales growth in Topps Tiles approximately 2 percentage points below this. The company believes this was due to a lower average number of stores trading this year.
Another one of the company’s offshoots Parkside has also had a strong year. The architectural tile brand broke even in FY22 and is expected to turn a small profit this year.
Following strong market growth Topps now expects to reach its goal of “1 in 5 by 2025” ahead of schedule.
The company still expects its profitability to be weighted towards the second half of the year.
Rob Parker, CEO, said: “We are pleased with what has been a strong first quarter of the new financial year, with strong like-for-like sales growth in Topps Tiles of 5.1%, excellent performance from our recent acquisition, Pro Tiler Tools, and overall group sales up 10.2% compared with the same period last year.
“We remain mindful of the macroeconomic headwinds which may impact UK consumers and businesses in the forthcoming year, but the group’s strong balance sheet, world class customer service, specialist expertise and ambitious growth strategy gives us confidence that we will continue to deliver value over the medium term.”
