Topps Tiles banks on store reopenings as lockdown affects revenues

Topps Tiles has bounced back to profit after delivering a record year of revenue as the retailer unveiled plans to be “carbon balanced” by 2030.
“Our full-year results demonstrate the strength of our position as the UK’s leading tile specialist."
// Topps Tiles eyes “sharp” improvement when stores can reopen
// Total revenues for the six months to March 27 declined to £103.6m from £106.2m
// Stores have only been able to offer click and collect for retail customers

Topps Tiles has seen its total revenues for the six months to March 27 decline to £103.6 million from £106.2 million.

The tile specialist become the latest retailer to show the impact of lockdown, but continues to hope for a “sharp” improvement when stores can reopen.

Its stores have only been able to offer click and collect for retail customers, with no browsing, while trade customers have had limited access to branches.

READ MORE: Topps Tiles sales rise but warns new lockdown will impact trading

Comparable retail sales improved two per cent during the period.

Topps Tiles said it had a strong first quarter, with high demand for products as shoppers embraced DIY projects, and like for like retail sales jumped 19.9 per cent.

However, comparable sales fell 17.3 per cent in the second quarter thanks to lockdown restrictions.

“As trading restrictions lift by the middle of April, we expect a sharp increase in sales, with margins recovering to more normal levels,” Topps Tiles said.

“This view is underpinned by the group’s strong trading performance following the end of the first lockdown last summer.”

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