Topps Tiles warns on profits as sales slide


Topps Tiles has warned that profits will fall below expectations after continued tough trading.

Topps Tiles, which had previously reported that political and economic uncertainty in the run-up to December’s general election had impacted trading, said challenging conditions had persisted and retail like for likes in the eight weeks to February 22 slid 5.5%.

It reported: “With most of the period complete, the group now expects that first-half profit will be significantly below the prior-year level.”

As a result, full-year performance is expected to be “materially below the bottom end of the current range of market expectations”, which was for adjusted profit before tax of £13.5m to £14.5m.

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