Topps Tiles generated a like-for-like sales rise of 3.4% in its first quarter and reported continued strategic progress.
Topps Tiles said, however, that it continued to take a “prudent” view of market conditions for the year ahead.
Chief executive Matthew Williams said of the “encouraging” start to the financial year: “We believe this represents an outperformance of the overall tile market in the period, reflecting the continued success of our strategy of ‘out-specialising the specialists” and some further measured investment in both our trade and retail offer during the period.”
Topps reported that “differentiated products now account for almost 90% of its tile sales and are key to our ability to generate market-leading gross margins” and that “further competitive advantage” came from “investment in our inspirational service offering”.
Expansion into the commercial market is “progressing to plan”.
However, Williams observed: “While we are pleased with the like-for-like sales growth achieved in quarter one, we are retaining our prudent view of market conditions for the year ahead