// Topps Tiles sales rise in the first three months since stores have been allowed to reopen
// Retail like-for-like sales increased by 12.9% over the third quarter
// Sales surged by 18.5% in the first eleven weeks after stores reopened
Topps Tiles has reported a surge in sales in the first three months since stores have been allowed to reopen, after lockdown restrictions heavily impacted the group’s performance.
On a two year basis compared with 2019, retail like-for-like sales increased by 12.9 per cent over the third quarter.
Sales surged by 18.5 per cent in the first eleven weeks after stores reopened to customers on April 12, as consumers sought to improve their homes.
READ MORE: Topps Tiles back in profit despite a dip in sales
Topps Tiles said it expects this demand to remain high in the coming months.
The retailer said that while percentage gross margins in the period were slightly lower than previous guidance, its gross profits were strong.
Topps Tiles remains debt free and repaid all support received in the first half of this financial year from the Coronavirus Job Retention Scheme.
At the end of the third quarter, its cash balance had increased to £26.9 million.
Chief executive Rob Parker said he was “encouraged” by the results from after lockdown was lifted.
“Building on the initial recovery we reported at the time of our interim results, our retail sales strengthened further over the balance of the period,” he said.
“We remain positive on the trading outlook for the remainder of the financial year, and are well positioned to take advantage of increased consumer confidence and spending.”
Click here to sign up to Retail Gazette’s free daily email newsletter
