Specialist retailer Topps Tiles has reported a fall in quarterly sales but maintains it is outperforming the market.
Topps Tiles total group sales slid 6.9% in the third quarter to June 29, and over the 39 weeks to that date they were down 6.2%.
Like-for-like sales at the eponymous business fell 9.7% in the third quarter, similar to the 9.2% of its first half. Sales to trade customers ”continued to be more resilient than sales to homeowners”.
The retailer’s online business achieved ”significant year-on-year sales growth”.
Topps Tiles reiterated its view that the UK tile market is down between 10% and 15% year on year, “with the group continuing to take market share”.
The retailer said: “Positive macroeconomic data on inflation, real wage growth, improving consumer confidence and increased activity in the housing market provides some confidence in a cyclical recovery, and the group is well-positioned to benefit from this due to its growing market share, leading brands, specialist expertise and world-class service, underpinned by its strong balance sheet.
“However, with this recovery yet to feed through into our end markets, the group is progressing self-help opportunities. Work on the delivery of these plans, which will deliver significant medium-term benefits to both sales and profits, is continuing at pace.”
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