// Brits rushing to renovate their homes after spending months locked down lifted tile maker Topps Tiles’ profits this year
// Analysts now expect the retailer’s profits to be between £13.2m and £14m
Strong lockdown demand for home improvement products has helped Topps Tiles achieve record annual sales.
Higher than expected profits were generated by the retailer registering £227.5 million in income, its best ever take.
Topps Tiles was among firms to benefit from people embracing DIY during the pandemic as it now expects profits for the financial year just ended to be slightly above the £13.6 million analysts had predicted.
The retailer added that it has invested in higher levels of inventory, which it believes is “a significant competitive advantage in a market which is facing well-documented supply chain challenges”.
Rob Parker, chief executive, said: “We remain confident on the outlook, against a backdrop of strong demand for DIY products and continued investment into home improvements.”
“Like-for-like sales were strongly ahead of 2019 in the final quarter but were also above the same period in 2020, when our sales bounced back strongly following the first national lockdown.”
“This performance reflects a robust level of consumer demand but also underlines the strength of our growth strategy and the success of initiatives such as our improved value range and investment in our award-winning digital offer.
“We remain confident on the outlook, against a backdrop of strong demand for DIY products and continued investment into home improvements.”