Full year revenues at tiles and wood flooring specialist Topps have surpassed the £200m mark. The UK’s largest tile specialist expects revenues to be around £212m for the 53 weeks ending 3rd October 2015, up from £195.2m over 52 weeks last year.
Like-for-like revenues are expected to show an increase of around 5.3% on the prior year. Over a two year basis, LFL sales have grown by around 14%.
The retailer claims to have made good progress in “out specialising the specialist”, having introduced 17 new ranges in the fourth quarter, and opening three new core stores and two boutiques. Topps Tiles expects to finish the year with 348 stores in total, though it also plans to close its nine remaining clearance stores. This, along with the planned centralisation of its support functions, is intended to save at least £0.5m for the company in the second half of 2015/16.
This year Topps Tiles has also continued to develop its online ‘visualiser’, a website tool that enables customers to decorate a customisable template of a room with a selection of tiles.
“I am pleased to report that Topps will complete a successful year, with good growth in profits and record level of turnover, both of which are directly attributable to our strategy of our-specialising the specialist,” said CEO Matthew Williams.
“As a result of this, we are confident of hitting our third market share goal by the end of this year and are well advanced on developing our next strategic goal for the organisation.”