Topps Tiles hit by 1.4% drop in like-for-likes

Topps Tiles
// Topps Tiles like-for-likes drop 1.4%
// Store count reduced from 371 to 367 year-on-year

Topps Tiles has reported a 1.4 per cent decline in like-for-like revenues for its first quarter.

The performance, which covered the 13-week period ending December 29, compares to a growth of 3.4 per cent in like-for-likes for the same quarter last year.

The retailer said its results were based on 367 stores, down from 371 stores this time last year.

“Against a challenging market backdrop and a strong period of performance in the prior year we believe the business has performed robustly over the first quarter,” Topps Tiles chief executive officer Matthew Williams said.

“We remain excited by both the opportunity for profitable growth that our expansion into commercial segment will bring and the continued opportunity to further strengthen our market leading position overall.”

Topps Tiles is set to hold its annual general meeting on January 30.

The retailer will post a trading update for the 26 weeks ending March 30 on April 3.

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