Topps Tiles Q3 sales fall 6.9% amid ‘subdued demand’
Like-for-like sales in Topps Tiles were 9.7% lower year-on-year in the third quarter, similar to the 9.2% decline seen in the first half
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Topps Tiles has reported that sales were 6.9% lower year-on-year during the third quarter to 29 June, as the trading environment remained “broadly unchanged” from that described in its interim results on 21 May.
It revealed group sales were also 6.2% lower than the prior year in the 39-week period. Topps previously revealed that the UK tile market is down between 10-15% year-on-year.
While the group maintains that it continues to take market share, it noted trading conditions have “remained challenging” overall due to subdued demand in the domestic repair, maintenance and improvement sector – particularly for big ticket projects.
Like-for-like sales were 9.7% lower year-on-year in the third quarter, similar to the 9.2% decline seen in the first half.
However, it said sales levels managed to stabilise through the quarter, as trade customers continued to be more resilient than homeowners.
In addition, the group’s online Pure Play continued to perform well with significant year-on-year sales growth as Topps Tiles grew market share.
Looking ahead, the retailer said it is “well-positioned” to benefit from positive data on inflation, real wage growth, improving consumer confidence and increased activity in the housing market.
