Topps Tiles annual sales slipped in what it called a “challenging” year.
Revenues dropped 5.7% to £248m for the year ended 28 September, excluding sales from its assets acquired from its acquisition of CTD Tiles in August.
The tiles specialist said the trading environment remained challenging over the year, with “continued weak demand in the domestic repair, maintenance and improvement (“RMI”) sector,” particularly for bigger ticket projects.
Sales also dropped 4.4% during its fourth quarter, though the brand saw a slight improvement on the trends seen across the rest of the year.
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Topps Tiles group CEO Rob Parker said the retailer remained focused on its goal to grow group sales to £365m per year in the medium term.
He said: “In a year that has proved challenging in many ways, I am pleased by how well our teams have responded to the weaker market, demonstrating both our resilience and our ability to continue to outperform.
“Looking ahead, macro-economic indicators point to a stronger market in 2025.
“While the timing and trajectory of the recovery remains hard to predict, we are confident that our clearly articulated and proven strategy will enable the further development of the group in all market conditions.”
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