Topps Tiles hails third quarter sales growth

Residence &AMP Do-it-yourself

6 July, 2022 | by The Retail Bulletin

Topps Tiles has posted a 9.2% boost in group sales in its third quarter inspite of tricky trading problems.

In the 13 weeks to 2 July 2022, like-for-like gross sales rose by 2.9%.

The tile retailer claimed common weekly sales for every trading retailer in the interval had been 28% higher than in the exact quarter in its 2019 fiscal calendar year, prior to the pandemic. Topps discovered that slightly a lot less than half of this development was thanks to the transfer of sales from closed retailers from the rationalisation of its keep network.

Nonetheless, in the most latest 11 weeks, like-for-like sales were being .9% reduced when in contrast to a incredibly solid period of investing past 12 months.

Rob Parker, Topps Tiles chief government, said: “Despite the continuing headwinds from decrease client self esteem, offer chain worries and significant inflation, trading remained encouraging and in line with our anticipations in the 3rd quarter, with team product sales up 9.2%.  Sales for each retailer in Topps Tiles keep on being significantly forward of our pre-pandemic functionality.”

Providing an update on its industrial business enterprise, Topps explained it continues to execute perfectly despite a subdued current market, with 12 months-on-12 months growth of 26% in the quarter. The company said it is confident that the business enterprise will break even in the next 50 % of the yr before moving into profitability in its 2023 monetary yr.

Wanting in advance, Parker explained: “Whilst we are mindful of the present financial pressures and their impact on the outlook for shoppers, we are self-assured that our successful tactic, many expansion drivers and sturdy balance sheet depart us effectively-positioned to provide medium time period progress and our 20% sector share goal of ‘1 in 5 by 2025’.”