The UK’s largest tile and wood flooring specialist Topps Tiles has today reported a 1.6 per cent decline in group revenues during its third quarter period.
In the 13 weeks to July 2nd 2011 like-for-like (LFL) revenues were down 1.9 per cent year-on-year, although the second half of this period did see a slight improvement in sales.
Clearly consumers are still finding it difficult to locate disposable cash for home improvements but Topps Tiles claims that trading is broadly in-line with expectations and that there has been no significant changes to its financial position.
A statement released by the group today read: “At the half year results announced on 1st June 2011, we reported that for the first seven weeks trading of our third financial quarter overall Group revenues declined by 2.1 per cent on a LFL basis.
“Trading during the remainder of the quarter has continued to be subdued with LFL revenues across the 13 weeks having declined by 1.9 per cent (2010: down 1.2 per cent).
“We do not expect to see any material change to trading patterns over the final quarter of the financial year. The business will continue to focus on achieving the efficiencies necessary to drive improved gross margins which will help to offset some of the impact of the challenging environment.”
Despite the difficult trading condition Topps Tiles intends to expand its store portfolio from 313 at present to 320 by the end of the financial year.
In full-year results publsihed last month the trader reported that it had grown its market share despite falling sales.