Topps continue expansion despite sales slump
Topps Tiles have announced they will continue with expansion plans for the rest of the year despite suffering a 4.2% drop in like-for-like sales in the 13-week period from October, 2011.
Figures initially revealed a 6.9% like-for-like sales decline during the first seven weeks of the quarter but, as trading improved over the final 6 weeks, this averaged out at -4.2% for the quarter as a whole. In a statement the group said it is "assured by its performance", following the pick-up in trading during the latter half of Q1, and will continue with its expansion plans for the rest of the year. The tile retailer, which currently operates 320 stores, plans to open a further five outlets in 2012.
In December Tilezine reported pre-tax profits at Topps dropped by more than a third to £7.9m in the year to 1 October whilst turnover dropped 4% to £175.5m. During the year Topps added 14 brand new stores and rebranded 5 Tile Clearing Houses.
Topps Tiles chairman Michael Jack commented this week: "There have been no further significant changes in the financial position of the Group since the publication of the financial statements for the 52 weeks ended October 1, 2011... As stated in the annual report, we are pursuing prudent expansion of the store estate."
He added: "Looking ahead, the board remains very conscious of the difficult outlook for the consumer in 2012 but we believe that our strategy of offering outstanding value for money combined with exceptional levels of service will continue to deliver the best results for both our customers and our shareholders."
