Topps Tiles has delivered record results as average sales per store increased by 30% compared with 2019, driven by “nationwide store coverage, world-class customer service and strong omnichannel capability”.
In the 26 weeks to April 1, 2023, the flooring specialist reported record sales of £130.3m, representing a 9.3% increase in year-on-year sales.
Gross profit increased to £68.7m, up 2.7% compared with the same time last year. Adjusted profit before tax was £4.4m, down 38% from £7.1m the previous year.
The retailer said this was due to “adverse exchange rate movements and the impact of inflation on operating expenses”, as well as a number of other one-off costs.
Topps Tiles said it is “well-positioned to deliver our market share goal of ‘1 in 5 by 2025’ ahead of schedule.”
Chief executive Rob Parker said: “Our Topps Tiles brand delivered a further period of robust like-for-like sales growth, with Pro Tiler Tools achieving another exceptional performance to maintain its strong track record since acquisition in 2022.
“As expected, our first-half profitability reflects the impact of inflation year on year, including significantly increased energy costs and a number of other one-offs.
“These effects are now reducing or will reverse in full in the second half, underpinning our confidence in a much stronger profit performance in the balance of the year.
“Our strong trading, when combined with our successful strategy, world-class customer service, leading product offer and strong balance sheet, gives us increasing confidence in our outlook. We remain confident that we are on track to hit our 20% market share target ahead of schedule.”
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