Topps Tiles has posted a decline in sales and profit which the retailer says has been affected by a “weaker market”.

Topps Tiles

In the 26 weeks to March 30, Topps Tiles total group sales were down 5.9% year on year to £122.6m, against a “record revenue performance” in 2023.

Like-for-like sales were 11.3% lower year on year in the second quarter, driven by lower footfall and volume.

The retailer said there was “subdued demand” in the domestic repair, maintenance and improvement (RMI) sector which has continued into 2024, resulting in noticeably lower footfall across “the homeowner customer group”.

Trade sales were also lower year on year, although the group said these customers proved “more resilient”.

The online pureplay business saw “positive” sales progress in Tile Warehouse with 38.3% year-on-year growth, while its Parkside business showed “significant” year-on-year improvement. 

Topps Tiles said group profitability in the first half has been impacted by a “weaker market, timing of holiday pay accrual, and seasonally higher energy usage”, but it expects profits in 2024 to be weighted towards the second half.

In a statement, Topps Tiles said: “With its market-leading brands, specialist expertise and world-class service, the group is well positioned to benefit from a cyclical recovery in the RMI market. 

“The business remains in a strong financial position, with a robust balance sheet, and is focused on maximising market opportunities and emerging in a stronger competitive position as the market improves.”