// Topps Tiles has delivered record annual revenues for a second year
// The retailer said adjusted profits for the year are expected to be towards the upper end of market expectations
Topps Tiles has posted record annual revenues for the second year in a row as the home improvement boom continues post-pandemic.
The specialist DIY and home improvement retailer now expects profits to be towards the upper end of market expectations after group sales in the 52-week period reached £247.3m, a second consecutive record year of turnover, with year-on-year sales growth of 10.6%.
The business said it continued to perform well against a “very strong comparative period last year”.
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Like-for-like sales slipped 1.2% lower than last year in the final quarter, but like-for-like sales growth for the full year was still 9.4%.
The business added that average weekly sales per store this year were 25% higher than in the pre-pandemic period in 2019, which it said was due to it shuttering underperforming stores.
It has also seen its trade customer base grow by a fifth from 2015 to 2022, describing them as the “crucial link” to homeowner customers.
Chief executive Rob Parker said: “We are delighted to have delivered a second successive year of record sales for the group, with profits expected to be towards the upper end of market expectations. All parts of the group contributed to this performance and are making good strategic progress as we develop and diversify the business.
“Our market-leading omnichannel retail business, Topps Tiles, has performed well against strong prior year comparatives and we are continuing to grow our base of loyal trade customers,”
“Our expansion into the commercial market through our Parkside brand is now generating in excess of £10 million of sales, and we expect it to be profitable moving forwards. This year we have further expanded our activities into online pure play through the acquisition of Pro Tiler Tools and the creation of Tile Warehouse – both of which present further opportunities for profitable growth.”
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