Tile and wood flooring specialist Topps Tiles is continuing to pursue a “prudent expansion” of its store estate in the months ahead following a positive start to the financial year.
An interim management statement published today indicated that total revenues increased by 1.8 per cent in the first 13 weeks of the 2010/11 trading period, and revealed that the retailer plans to open ten new stores before the end of the year.
Like-for-like revenue during this trading period, which preceded Christmas week, increased by 2.2 per cent.
Topps Tiles’ AGM takes place today, giving Non-Executive Chairman Barry Bester the opportunity to update investors on the health of the company.
Bester will say: “We experienced some disruption during December from the extreme weather conditions and I feel the business has responded well during a testing period.
“Against this context I am particularly satisfied with the performance over the period as a whole.
“There have been no further significant changes in the financial position of the group since the publication of the Annual Report and Financials Statements for the 53 weeks ended October 2nd 2010.”
Back in November, Topps Tiles reported that profit before tax fell from £17.5 million to £16.3 million in the 52 weeks ending September 26th.
This came despite LFL and total sales growing 1.7 and two per cent respectively during the same period.
Commenting at the time, CEO of the company Matthew Williams welcomed the “robust performance”, saying that prudent management of costs and careful control of the business has helped the firm reduce its net debt and build on its market-leading position.