Topps suffers sales setback
Flooring specialist Topps Tiles said its revenues have declined by more than 10 per cent over the last seven weeks.
The Leicestershire retailer said that based on its seven-week performance to 20 August, full year earnings are likely to be below analysts' estimates.
Topps attributed the 10.4 per cent fall in sales to a decline in consumer confidence.
In its third quarter results to 13 July 2011, the company had reported an overall revenue decline of 1.9 per cent on a like-for-like basis.
This morning, Topps said: "Management will continue to push forwards with the strategy previously outlined in order to protect and grow our market leading position. This will include driving gross margin gains through increased direct sourcing, further developing the customer offer, growing our store estate and continuing to invest in marketing the best range of tiles in the UK.
"We will also maintain our focus on prudent cost controls and improving operational efficiencies wherever possible."
