Trading conditions 'remain challenging' with decline in revenue.
Tile and wood flooring specialist Topps Tiles has described trading conditions in the first 17 weeks of its new financial period as challenging. Overall revenue has seen a 2.7% decline and like-for-like revenue has dropped by 7.7%.

The UK showed overall revenue decline of 2.9% with like-for-like revenue decline of 7.9%, compared to an increase of 7.7% last year.

Trading in Holland, where the company has 21 stores, showed overall revenue decline of 0.7% compared to 2007 when figures were up 13.9%. Like-for-like revenue also saw a decline of 2.9%.

Topps Tiles operates from 320 stores across the UK. 22 new stores have been opened this financial year and three closed or relocated. The company states that it remains on track to open a net 20 new stores this year.

Chief executive of operations, Matt Williams said: "As we said at our half year results, the retail environment remains challenging. We are, however, managing the business prudently, with emphasis on costs and cash.

We have a resilient business model and are confident that we can grow market share in the current tough economic climate."