Topps Tiles has seen a 5.7% decline in group sales to £248m for the 52-week period ended 28 September 2024.
Group sales for the year, excluding revenues from the assets acquired from the administrators of CTD1, were broadly “in line” with the year ending September 2022.
The tile specialist said that sales in the fourth quarter were 4.4% lower, a “slight improvement” on the trends seen across the rest of the year, largely reflecting the weaker comparatives from the end of FY23.
Overall, the trading environment remained “very challenging” across the whole year with continued weak demand in the domestic Repair, Maintenance and Improvement (RMI) sector, especially for bigger ticket projects.
The group had previously announced that the market has declined by 10-15% year-on year, meaning that the latest trading has continued to “outperform” the wider market.
Like-for-like sales in Topps Tiles were 8.2% lower year-on-year in Q4 with trading levels remaining stable. Meanwhile like-for-like sales for the year were 9.1% lower year-on-year.
In August, the retailer announced the acquisition of the CTD Tiles brand, certain assets, direct selling teams and 30 stores for £9m. Following receipt of an initial information request from the Competition and Markets Authority, the CMA has now decided to review the acquisition under UK merger control and the group is now working with the CMA in connection with this process.
Rob Parker, Topps Group CEO, said: “We remain focused on the delivery of our new Mission 365 goal. 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. I am also satisfied that despite these challenges we have been able to continue to deliver against our strategy and take opportunities as they have arisen, supported by our strong balance sheet.
“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.”
