Published on 28 - March - 2012
Topps Tiles records 4.5% LFL drop in H1The UK's largest tile specialist has reported its trading update for the 26 week period ending 31 March 2012, with total revenues expected to have fallen 2.5% to around £86.9m, down 4.5% on a like-for-like basis.
The group's sales performance in the first half has been broadly in line with management's expectations during the tough trading conditions.
Second quarter revenues are expected to have fallen by 4.8% on a LFL store basis compared with 2011. However, due to the timing of the New Year Bank Holiday, the second quarter contained one less trading day in 2012 and after adjusting for this the underlying LFL performance is a decline of 4%.
Topps Tiles is currently trading from a total of 319 stores and is expecting to end the financial year with 325. The group says there has been "no further significant changes in its the financial position" since the publication of the annual report and financial statements for the 52 weeks ending October 1, 2011.
DIYWeek.net does not edit comments which are submitted directly by our users to express their own views. Please report abuse of our comment system here.
© Datateam Business Media Limited 2012. DIY Week.net news articles may be copied or forwarded for individual use only. No other reproduction or distribution is permitted without prior written consent.