Monday, September 27, 2021

Topps Tiles admits error in recent trading update

Topps Tiles has admitted an error in the sales figures it recorded for the first eight weeks of its current financial year.

It had originally told the market that like-for-like sales were up 0.8 per cent, but they had actually dipped by 0.3 per cent.

The home improvements retailer said apart from this “error in the calculation”, everything else was correct and forecasts for the rest of the year remained unchanged.

READ MORE: Topps Tiles posts record sales despite post-Brexit slump

 The news of the miscalculation made Topps Tiles shares drop by 3.13 per cent to 85p.

In October, chief executive Matthew Williams warned of slower sales in the fourth quarter as a result of lacklustre consumer confidence.

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