Topps Tiles has seen its first quarter group sales slip 4% as cost-of-living pressures continued to dent consumer spending, but said it is “well-positioned to respond to market conditions”.
In the 13 weeks to 30 December, like-for-like sales were down 7.1%, continuing the trend seen in the first eight weeks, although sales to trade customers were more resilient than those to homeowners.
The the flooring retailer said trading at its Pro Tiler Tools online business was strong and its Parkside commercial business performed in line with expectations.
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Based on several factors including the timing of the holiday pay accrual, higher first half energy usage and trading in the first part of the year, the business said it continues to expect group profits in 2024 to be weighted towards the second half.
“As reported in the 2023 full year results, trading in the first quarter reflected the ongoing challenges to discretionary consumer spending, particularly those impacting on businesses serving the repair, maintenance and improvement (RMI) sector,” the company said.
“The group’s cost base remains well controlled, despite ongoing inflationary pressures, and cash flow remains strong,” it added.
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