// Topps Tiles posts average weekly sales of £1.9m for the 13 weeks to June 27, down from £4.1m
// Average weekly sales in April totalled £800,000, rising to £1.3m in May and £3.3m in June
Topps Tiles has seen its trading “improve significantly” during its third quarter as stores reopened.
Despite this, the DIY company reported average weekly sales of £1.9 million for the 13 weeks to June 27, down from £4.1 million.
Average weekly sales in April totalled £800,000, rising to £1.3 million in May and £3.3 million in June, down 80 per cent, 69 per cent and 20 per cent respectively on the same months in 2019.
In the final week of June, when all stores were trading, its sales were £3.9 million, 5.4 per cent below sale same week in the prior year on a like-for-like basis.
“The board is pleased by this performance, which was ahead of its revised expectations following the outbreak of Covid-19,” Topps Tiles said.
Meanwhile, commercial sales for the quarter were at £1.4 million, 16 per cent below the prior year, and 39 per cent lower than the previous quarter.
“I am pleased with the resilience shown by the business through this period and I would like to thank colleagues across the group for their hard work and dedication which ensured that, by the end of June, all Topps stores were back open and serving our customers safely,” Topps Tiles chief executive Rob Parker said.
“The group has demonstrated its resilience, with revenues ahead of our expectations, and we have strengthened our financial liquidity through the sale and leaseback of our central warehouse and head office facility,” he said.
“Looking ahead, from our market leading position and with a firm financial footing, Topps Tiles is well-positioned as the economy begins to recover.”