Sales at Topps Tiles slumped in the third quarter of its fiscal year due to a continuing slowdown in the housing market and tougher market conditions.
The retailer said like-for-like sales fell 4.7 per cent in the 13-week period to July 1, which it attributed to “weaker macro-economic conditions”.
By comparison, in the same quarter last year like-for-like sales was up by 6.2 per cent due to a robust housing market and before stamp duty changes came into affect.
“At the time of our interim results in May we pointed to a more challenging macro-economic environment and this has persisted through the remainder of the third quarter,” chief executive Matthew Williams said.
“Tougher comparatives resulting from the changes to stamp duty in the prior year were a feature throughout the period and we have seen a modest improvement in trading over recent weeks as they have begun to ease.”
Topps Tiles now trades from 367 stores and hopes to end the year with 370, an increase on 2016’s 348.
In addition, Williams said the company was looking at “selective acquisition opportunities in the commercial segment of the UK tile market”.