Published on 12 - January - 2010
Consumer confidence returning says Topps TilesTopps Tiles co-founder and non-exec chairman Barry Bester will outline the company's performance over the first 14 weeks of the current financial year today.
He will report that the UK trading performance has continued on an upward trend from the first seven weeks, which saw a 2.2% increase in like-for-like revenue. In fact, the first 14 weeks of the new financial year have seen like-for-like revenues increase by 5.5%, with sales up 3.9%.
The 14-week period has seen the chain close one store, leaving a total of 308, and, as previously reported, withdraw support and funding from the loss-making Dutch business.
The company also raised £15.4m back in November through a share placing that saw the company place more than 17m new ordinary shares in the capital of the company. The placing was undertaken, says Topps, to provide financial flexibility "in the event of a further downturn in consumer confidence and spending" as well as providing capital for any growth opportunities that arise.
A company statement, released this morning concluded: "We are very pleased with the trading performance over the first 14 weeks, which provides reassurance that consumer confidence is returning. However, we remain cautious in the outlook for the economy and believe that 2010 may continue to present a challenging economic environment for consumers."
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