Topps Tiles has issued a profit warning after a steep trading downturn in recent weeks.
Like-for-likes plummeted 10.4% in the first seven weeks of the fourth quarter, Topps Tiles reported.
The slide represented a sharp fall on the 1.9% third quarter like-for-like decline reported only last month.
Topps blamed plunging consumer confidence for the sales fall and said : “Based on these trading levels management believes the full year earnings are likely to be below the current range of analysts’ estimates.”
The retailer said it would push on with its existing strategy to protect and extend its position in the market.
Topps said: “This will include driving gross margin gains through increased direct sourcing, further developing the customer offer, growing our store estate and continuing to invest in marketing the best range of tiles in the UK
“We will also maintain our focus on prudent cost controls and improving operational efficiencies wherever possible.”
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