Topps Tiles has revealed deteriorating sales as the credit crunch continues to hit demand for big-ticket items.
In its interim statement announced today, Topps Tiles announced that overall revenue dropped 2.7 per cent for the 17 weeks to July 26, against a 14.4 per cent rise the previous year.
Like-for-likes declined 7.7 per cent at Topps Tiles, compared with a 7.6 per cent increase the year before.
At the half year, announced on May 28, total revenues for the first six weeks of the new trading period were still in positive territory, up 2 per cent. However, like-for-likes were down 3 per cent.
During the 17-week period, Topps Tiles’ UK division reported sales down 2.9 per cent, compared with a 13.9 per cent increase last year. Like-for-likes slumped 7.9 per cent, compared with a 7.7 per cent hike in 2007. The retailer, which trades from 320 stores in the UK, is set to open a net 20 stores this financial year.
In Holland, total sales fell 0.7 per cent at Topps Tiles compared with a 27.2 per cent increase last year. Like-for-likes slumped 2.9 per cent during the period, compared with a 6.2 per cent positive performance in 2007. Topps Tiles trades from 21 stores in the country and will open another store there this year.
Topps Tiles chief executive Matt Williams said: “The retail environment remains challenging. We are, however, managing the business prudently, with emphasis on costs and cash. We have a resilient business model and are confident that we can grow market share in the current tough economic climate.”