Topps Tiles back in the black following ‘strong recovery’ upon reopening

Topps Tiles posted pre-tax profit of £4m in the 26 weeks to March 27 2021 compared with a loss of £3.2m during the same period the previous year.

Although group revenue for the period declined 2.8% overall to £103.2m retail sales demonstrated resilience during the period. In the first quarter retail like-for-like sales registered a record uplift of 19.9%. Lockdown in the second quarter hampered this growth, with like-for-like sales falling 17.3% during the quarter as shoppers were unable to enter stores.

Since reopening Topps Tiles has registered strong demand across its retail division, with like-for-like sales up 16.8% on a two-year basis in the five weeks since April 12.

Topps Tiles commercial sales declined 10% at the half-year mark.

Chief executive Rob Parker said: “In another reporting period dominated by the impacts of Covid-19, Topps has once again shown its flexibility and resilience and I would like to thank all colleagues across the Group for the continued hard work and commitment underpinning these results.

“The re-opening of our stores to all customers on 12 April has once again been received very positively and we have seen a strong recovery in sales and gross margins, with retail like-for-like sales 16.8% ahead of the same period in 2019 in the five weeks since re-opening.  We are confident of a much-improved performance in the second half and believe the group remains well positioned to take advantage of an expected increase in consumer spending.”