Topps Tiles finds the going tough
Leicestershire-based Topps Tiles this morning said that trading conditions remain tough as like-for-like revenues across the first 13 weeks of its financial year decreased by 4.2 per cent.
However, non-executive chairman Michael Jack will today tell shareholders that in the context of the previously reported 6.9 per cent like-for-like decline during the first seven weeks of this period, the company is "assured" by its performance over the quarter as a whole and "encouraged" by the progress made in the last six weeks trading.
Jack will say: "Looking ahead, the board remain very conscious of the difficult outlook for the consumer in 2012 but we believe that our strategy of offering outstanding value for money combined with exceptional levels of service will continue to deliver the best results for both our customers and our shareholders."
Topps trades from 320 stores but expects to open five new stores this year. The business reported revenues of £175.5m in the year to 1 October 2011, down from £182.4m a year earlier. Pre-tax profits also slipped from £12.4m to £7.9m.
