Saturday, March 23, 2019

“Softer market conditions” impacts Topps Tiles half-year results

Topps Tiles update

Sales at Topps Tiles fell in the first half of its fiscal year due to a slowing housing market and tougher market conditions.

Revenue at the flooring and tiling retailer dropped by 1.4 per cent to £107 million in the six months to April, while like-for- like sales went down by 1.9 per cent.

Topps said the “softer market conditions” affected trading in the second quarter, given how at this time last year, housing transactions were on the up ahead of stamp duty changes which came into effect in April 2016.

The retailer added that lower sales growth over the first half will be offset by reduced expenditure.

READ MORE: Topps Tiles sales slow down in first quarter

Meanwhile, expectations for Topps Tiles‘ full-year profits remain unchanged.

“Market conditions over the second quarter have been tougher, but the business has responded well, with tight control of costs,” Topps Tiles boss Matthew Williams said.

“While we are taking a prudent view on the outlook for the balance of 2017, an improving trend over the second quarter provides some encouragement.”

Click here to sign up to Retail Gazette’s free daily email newsletter