Topps Tiles to close stores in cost saving push

Topps Tiles, which updated on first-half trading, said it will close 23 underperforming branches this financial year.

The closures are part of a “series of self-help measures to continue driving sustainable profit growth in the medium term”.

The closures are expected to reduce Topps Tiles’ overall revenue but “improve profitability through sales transference and cost reduction”.

The company said it has been outperforming the wider market and achieved like-for-like growth of 0.1% in the first half.

Total group revenue in the first half edged down 0.1%, “having been impacted by volume loss from the lengthy CMA process in CTD”. Topps Tiles acquired the CTD Tiles brand out of administration in 2024.

Group revenue excluding CTD rose 2.1%, “although following a robust first quarter, revenue growth in the second quarter moderated slightly but remained positive at 0.6%”.

Topps Tiles chief executive Alex Jensen, said: “Topps continues to outperform a softer market. In light of subdued consumer sentiment and geopolitical uncertainty, as well as the cumulative impact of cost inflation, the management team is implementing a targeted programme of self-help measures weighted towards the second half. These actions are designed to support year-on-year profit growth and provide a stronger financial platform for 2027 and beyond.”

The retailer will publish interim results next month.