Topps Tiles sees 3rd consecutive quarter of decline

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Topps Tiles has seen sales dip over the last year, dragging down its profit expectations as it takes a “prudent view” of market conditions.

In the 52 weeks to September 30, revenues are expected to come in the region of £211.6 million, down 1.58 per cent from £215 million in 2016.

Like-for-like revenues saw a similar dip of 2.9 per cent, down from a 4.2 per cent increase a year prior.

The retailer began the year with a moderate increase of 0.3 per cent in like-for-like revenues but saw decline over the next three consecutive quarters, including a three per cent dip in the 13 weeks to September 30.

“It has been an important development year for the group,” chief executive Matthew Williams said.

“Significant strategic progress has been made and we remain excited by the growth opportunities open to us.

“Despite this, the tougher market conditions we first highlighted in Q2 continued into the final quarter and, as a result, we are taking a prudent view on market conditions for the year ahead.

“We remain focused on our strategy of “Out Specialising the Specialists” and are beginning to gain traction with a number of new initiatives.

“In particular, we have made progress in the commercial tile market, completing a small acquisition during the period and building more commercial capability internally.   We will update shareholders on this initiative in more detail at the time of our full year results in November.”

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