Topps Tiles sales slide but hails ‘resilience’ as stores reopen

The specialist retailer, which closed its doors to the public in March, suffered a 53% slump in average weekly sales during the 13 weeks to June 27.

Topps Tiles insisted, however, that the performance came in ahead of the revised expectations it set out at the start of lockdown.

Average weekly sales improved throughout the quarter – in April, sales tumbled 80% year on year, but it stemmed the revenue decline to 20% last month. In the last week of June, like-for-like sales were down 5.4% year on year as customer demand returned. 

The retailer also highlighted the performance of its website during the pandemic – online sales across the quarter surged 139% year-on-year.

Topps Tiles opened the majority of its stores at the end of May and said social distancing measures were “not a significant constraint on trade” since its stores experience “relatively low customer footfall” and have “availability of space” for shoppers to browse.

Chief executive Rob Parker said: “I am pleased with the resilience shown by the business through this period and I would like to thank colleagues across the group for their hard work and dedication which ensured that, by the end of June, all Topps stores were back open and serving our customers safely.

”The group has demonstrated its resilience, with revenues ahead of our expectations, and we have strengthened our financial liquidity through the sale and leaseback of our central warehouse and head office facility.

“Looking ahead, from our market-leading position and with a firm financial footing, Topps is well-positioned as the economy begins to recover.”