In the 52 weeks to 30 September, the retailer’s like-for-like sales increased 3.1%, as average sales per store jumped 30% on pre-pandemic levels, with its profit forecast set to be in line with market expectations.
As a result, Topps Tiles now expects its market share to increase significantly in its full year results as it “moves rapidly” towards an early delivery of its ‘1 in 5’ goal – to account for £1 in every £5 spent on tiles and associated products in the UK by 2025.
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Topps Tiles chief executive Rob Parker said: “As we celebrate our 60th anniversary, we are delighted to have delivered a third consecutive year of record sales in Topps Group, having increased our sales by over £40 million since the pre-pandemic period, reflecting the significant development and diversification of the group over that time.”
Parker remained optimistic despite “the impact on residential RMI [repair, maintenance and improvement] spend of the prolonged period of inflation, higher interest rates and the slowing housing market”.
He noted that the business’s strong balance sheet should enable further sales growth, “profitability and cash generation in the years ahead.”
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