- Like-for-like sales declined 1.9%
- Total revenues fell 1.3%
- Full-year profit forecast remains unchanged
Topps Tiles posted a drop in overall and like-for-like sales against strong comparatives and in “softer market conditions.”
The flooring specialist reported a 1.9% fall in like-for-like sales in the 26 weeks to April 1 as total revenues dropped 1.3% to £106.5m.
The retailer’s profit outlook for the financial year remains unchanged as it plans to offset falling sales by driving operational efficiencies.
Topps Tiles said that trading in its second quarter, during which like-for-like sales slumped 4.1%, reflected “softer market conditions” compared with the previous year, when “housing transactions accelerated ahead of the stamp duty changes in April 2016”.
The retailer’s loyalty scheme continued to gain traction, with 11,000 traders signing up to the platform since the end of the first quarter, taking the total number of users to 35,000.
The retailer opened a net of seven new stores during the period, taking its overall bricks-and-mortar estate to 358 outlets.
Chief executive Matthew Williams said: “Market conditions over the second quarter have been tougher, but the business has responded well with tight control of costs.
“While we are taking a prudent view on the outlook for the balance of 2017, an improving trend over the second quarter provides some encouragement.”