Published on 14 - January - 2009
Topps Tiles profits dropTopps Tiles has announced a profits slump of 18.1% on like-for-like (lfl) sales for the the first 13 weeks of their trading year.
At the companies Annual General Meeting yesterday co-founder and non-executive chairman, Barry Bester, announced the disappointing figures.
The results continue a downward trend following Topps announcement last November that the first seven week of their financial year showed lfl sales 18.3% down.
Topps has expanded rapidly is recent years and currently trades from 317 stores, and the firm is an obvious victim of the downturn in both the housing and construction market.
Mr Bester said: "The board remains confident in our resilient business model and we continue to manage the business with a prudent focus on cash and costs.
"We anticipate a sustained period of weak consumer confidence, but believe the Topps business is well placed to capitalise on the opportunities this will present."
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