Topps Tiles has backed its full-year profit guidance after posting a “robust” third quarter as cost pressures begin to ease.
Group sales for the period rose 4.4% and were 7.6% ahead in the 39-weeks ending 1 July.
Like-for-like quarterly sales at Topps Tiles rose 2.5% and were 3.7% higher on a year-to-date basis, as margin’s improved due to the easing of inflationary pressures on the cost of goods and shipping.
The DIY retailer said the performance of Pro Tiler Tools and Tile Warehouse remains “excellent”, with sales up 60%.
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Topps Tiles said it remained “confident” its pre-tax profits for the second half will be “materially higher than the first half” after it plummeted 69.6% to £1.7m in the 26 weeks to 1 April.
It expects to deliver an adjusted profit before tax in the range of £11.3m to £12.3m.
Chief executive Rob Parker said: “As we celebrate our 60th anniversary, we are pleased to be reporting a continued robust performance in the third quarter, led by Topps Tiles and Pro Tiler Tools, and the successful implementation of a business improvement plan at Parkside.
“Looking ahead, we are confident that our core strengths of leading brands, world class customer service, specialist expertise and a strong balance sheet will enable us to continue to deliver value for all stakeholders.”
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