Topps Tiles continued its string of successes as it reported robust half-year profits.
Continuing to focus on “out-specialising the specialists”, revamping stores and expanding exclusive product ranges continued to bear fruit for Topps Tiles. Profit before tax rose 13.2% to £10.3m in the 26 weeks to 2 April, driven by a 4.7% jump in like-for-like sales.
“Topps has delivered a robust first half performance as our successful strategy of ‘out specialising the specialists’ continues to generate profitable sales growth,” said Matthew Williams, CEO of Topps Tiles.
“Initiatives to upgrade and rebrand our stores led more customers to reappraise the Topps brand and shop with us for the first time. Further improvements are in development and will be rolled out in the remainder of the year and beyond.”
As of the company’s second quarter update, which was released last month, the Topps ranges launched over the last 12 months accounted for 8.7% of its overall sales. This focus on exclusive products and direct sourcing helped boost Topps’ margin to 61.5% compared to 60.7% a year ago.
What Topps called an “accelerating ‘do it for me’ trend” boosted trade sales to account for 51% of Topps’ overall sales, compared to 48.3% at the same point last year.
“We are confident in our plans to extend the appeal of the Topps brand have significant further potential and are excited about the opportunities ahead,” continued Williams.