Topps Tiles swings to loss in ‘challenging’ market
Topps Tiles has swung to a loss in the first half of its financial year amid what it called a “challenging trading environment”.
The flooring specialist suffered a £4m statutory pre-tax loss during the 26 weeks to March 28, on a post-IFRS 16 basis, compared with a £5.2m profit the previous year.
Adjusted pre-tax profit, excluding one-off costs and exceptional items, plummeted 85% to £1.2m.
Sales dropped 3.7% to £106.2m during the period, while like-for-likes slumped 6.1%. Excluding week 26 of its financial year, when the UK went into lockdown amid the coronavirus pandemic, like-for-likes were down 4.3%.
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