Published on 4 - July - 2012
Topps Tiles announces 2% LfL sales breakthrough for Q3Following a recent spate of disappointing revenue drops, the tiling retailer has revealed a 2.1% like-for-like increase for the 13 weeks ending June 30.
Things are looking up for the tiling retailer, with predicted year-end profits of up to £14m
In the spring the retailer revealed a LfL decline of -4.7% in revenue for the first half, but things were already looking up, as early indications showed an upturn towards the end of May. The latest figures, which compare favourably with the same period last year when revenue fell by -1.9%, are "in line with management expectations" according to bosses at Topps. They added: "We remain comfortable with market expectations for the year as a whole."
Three new stores, including a flagship interactive 'lab store' in Milton Keynes, were opened during the quarter, bringing the total number up to 322. The retailer is continuing to target a total of 325 stores by the end of the year.
Analysts predict an adjusted, pre-tax profit of between £11.3m to £14m, with a consensus of £13m, for the year ending September 30 2012.
Management added: "There have been no significant or unexpected changes in the financial position of the group since the publication of the interim report for the half year ended 30th March 2012."
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