Topps Tiles sales slump in first-quarter results

Topps Tiles has reported a 5.4% decrease in like-for-like retail revenues for the first 13 week period ended 28 December 2019.

Revenues across the first eight weeks of the quarter decreased by 7.2%, however, during the final five weeks of the period the retailer said performance improved “significantly”, with the decrease in retail like-for-like revenues reducing to 1.4%.

Additionally, commercial sales for the quarter were £2.3m, an increase of c.250% year-on-year, and Topps Tiles said it remained “encouraged” by its progress towards its target of a “broadly breakeven” outcome for the current financial year.

Rob Parker, CEO, said: “Our first quarter performance reflects the full impact of the heightened political and economic uncertainty evident in the run up to December’s General Election, which we first noted in our 2019 full year results announcement.

“Trading conditions remained challenging throughout the period and, against this backdrop, we ensured that we continued to offer our customers excellent value for money.  As expected, the retail like-for-like sales decline began to return to its pre-election trend towards the end of the quarter.”

He added: “As we enter 2020, we remain confident that our market-leading retail offer and growing commercial operations give us a strong platform from which to deliver sustainable growth over the medium and long term.”