Topps Tiles has reported a decline in like-for-like sales in its first quarter, when political uncertainty hit trade.
Topps Tilesā like-for-likes dropped 5.4% in the period to December 28, although the rate of decline improved towards the end of the period.
In the first eight weeks, like-for-likes fell 7.2%. In the final five weeks the decline moderated to 1.4%.
Topps Tilesā new chief executive Rob Parker said: āOur first quarter performance reflects the full impact of the heightened political and economic uncertainty evident in the run up to Decemberās general election, which we first noted in our full-year results announcement.
āTrading conditions remained challenging throughout the period and, against this backdrop, we ensured that we continued to offer our customers excellent value for money. As expected, the retail like-for-like sales decline began to return to its pre-election trend towards the end of the quarter.
āAs we enter 2020, we remain confident that our market-leading retail offer and growing commercial operations give us a strong platform from which to deliver sustainable growth over the medium and long term.ā
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