DIYWEEK.net

The UK's largest tile specialist Topps Tiles has released its figures for the 52 weeks ending 1 October, with sales up 4.2% like-for-like for the period.

Gross margin was up 61.9%, with pre-tax profits of £22m, up 7.8% on last year. Cash generated from operations stood at £29.9m and net debt was reduced by £3.6m to £24.8m.

Topps put its success down to the continued successful strategy of "out-specialising the specialists". Trade increase to 52% of total sales, drive by growth of the trade loyalty programme and "do it for me" trend. Sales benefitted from continued new product development, with 12.6% of tile revenues generated from ranges launched in the last 12 months.

There were 19 new store openings during the year, including four rebrandings and two relocations. There were also 15 store closures and 15 refits completed. Around 15 new openings are expected for the current financial year.

The group is currently trading from 352 stores.

Chief executive Matthew Williams said, "I am pleased to report that Topps has delivered a strong performance for the year, with our unrivalled combination of range, inspiration and convenience resonating with more customers and driving sales to a new record.  Sales growth, combined with gross margin improvements and strong cost controls, generated a 10% increase in profits and a 17% increase in dividend. 

"Like for like sales in the first eight weeks of the new financial year were ahead by 0.8%.  Our proven strategy, well-invested business and market leading position, leave Topps well-placed for further progress in the year ahead."

EDIT: Topps has since released a correction stating that the like-for-likes for the first eight weeks of the new financial year were down by 0.3%, not up by 0.8%.