Topps aiming to expand despite revenue drop
Leicestershire flooring specialist Topps Tiles has reported a 1.9 per cent decline in like-for-like revenues in what the company called a "subdued" trading period.
In its third-quarter trading results, the company said it was still hoping to increase the number of UK stores it operates by another seven in 2011.
Trading during the three months to 2 July was down further than the same period in 2010, in which revenues decreased 1.2 per cent.
Total company revenues declined by 1.6 per cent, said Topps. This was an improvement on its 2010 result from the comparable period, in which sales slipped 2.5 per cent.
The company said: "We do not expect to see any material change to trading patterns over the final quarter of the financial year. The business will continue to focus on achieving the efficiencies necessary to drive improved gross margins which will help to offset some of the impact of the challenging environment."
Topps currently operates 313 stores in the UK and said it "remained confident" that that it would achieve its year-end target of 320.
