Topps Tiles ‘a market outperformer’ despite falling profits

For the 26 weeks to March 28, 2026, the retailer reported a 31.3% fall in group adjusted profit before tax to £2.2m, a 73.7% slump in group statutory profit before tax to £0.5m and a 1.6% drop in adjusted operating profit to £6.1m.

Revenues for the period jumped 11.6% to £142.6m, while group adjusted operating profit increased 10.9% to £75.6m.

The retailer said it has made “significant progress” against its Mission 365 strategy. Its trade mix increased to 74.6% of revenue across the group, while online revenues rose to c.21% from c.18% in the first half of the 2025 financial year.

The retailer added that it expects new chief finance officer Caroline Brown to join the business on May 26, 2026.

In terms of current trading, Topps said it “continues to outperform (a) softer market” with like-for-like revenues up 0.6% in the first seven weeks of the second half and “strong growth” in online.

The retailer said it had made “significant progress… against our strategic priorities, including resetting our cost base” and that while the “macro and geopolitical external environment remains challenging, the group benefits from a resilient and well-diversified supply chain”.

Chief executive Alex Jensen said: “Topps remains a market outperformer despite a softer backdrop of weaker consumer sentiment, geopolitical uncertainty and the cumulative impact of cost inflation. We are making good progress in delivering our strategic agenda, including a programme of self-help measures weighted towards the second half, and we are accelerating growth in digital, trade and category extensions.

“These actions are designed to support modest year-on-year profit growth and provide a stronger financial platform for 2027, positioning the Group for long-term sustainable profit growth.”