Topps Tiles PLC Trading Update (7093J)
April 04 2018 - 2:00AM
UK Regulatory
TIDMTPT
RNS Number : 7093J
Topps Tiles PLC
04 April 2018
4 April 2018
Topps Tiles Plc
H1 Trading Update
Trading
Topps Tiles Plc (the "Group"), the UK's largest tile specialist,
announces a trading update for the 26 week period ending 31 March
2018. The Board will announce interim results for the period on 22
May 2018.
Total revenues for the 26 week period were GBP109.4 million
(2017: GBP106.6 million).
Like-for-like revenues for the 26 week period increased by
0.6%.
The Group ended the period with 376 stores, having opened 5 and
closed 3 stores during the first half.
Trading in the second quarter has seen a slow down from the
levels reported in Q1, with like-for-like sales down by 2.2%. While
we estimate that short term weather factors in late February and
March, and the timing of an earlier Easter, account for around 1.6%
of the second quarter like-for-like sales reduction, it is also
clear that that there has been a softening of the underlying
market. We believe that we have continued to outperform the market
which we attribute to the execution of our strategy and continued
strong promotional positioning.
Analysis of LFL sales by quarter
Q1 Q2 First Half
--------- ------ ------ -----------
FY 2018 +3.4% -2.2% +0.6%
--------- ------ ------ -----------
FY 2017 +0.3% -4.1% -1.9%
--------- ------ ------ -----------
Strategic Progress
We continue to invest in the business and to make good progress
with our core strategy of "Out-Specialising the Specialists" to
extend our market leading position in the UK tile market. Specific
strategic progress in the period includes:
-- Commercial - we are investing in our
Parkside business with an ambition
to develop this into a leading brand
in the commercial tile market. We have
launched a new website, parkside.co.uk,
and are very encouraged by the response
we have received in our drive to build
a talented sales team.
-- Range - we are seeing encouraging signs
that we can leverage our buying scale
and range advantage into the commercial
segment, effectively almost doubling
the size of our addressable market
while staying within our specialism
of tiles.
-- Stores - we have commenced our all
store improvement programme which will
involve us implementing the latest
customer merchandising treatments,
such as our design advice area, across
our entire estate over the next two
years.
-- Digital - Toppstiles.co.uk, has been
voted a top 50 UK retail website by
InternetRetailing. The classification
was for customer experience and was
based on ease of navigation, usability,
speed and customer service response
times.
Matthew Williams, Chief Executive Officer, said: "After a strong
start to the year, market conditions have become more challenging
over the second quarter. While the business has responded well with
a performance ahead of the overall tile market, we are retaining a
cautious view of market conditions for the remainder of the
year."
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR").
- Ends -
Enquiries:
Topps Tiles Plc 0116 282 8000
Matthew Williams, Chief Executive
Officer
Rob Parker, Chief Financial Officer
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith / Nick Hayns
Note to editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles
and associated products, targeting the UK domestic refurbishment
and commercial market and serving a retail and trade customer base
from 376 stores nationwide.
Since opening its first store in 1963, Topps has maintained a
simple operating philosophy - inspiring customers with unrivalled
product choice and providing exceptional levels of customer
service.
For further information, please visit
www.toppstiles.co.uk/media-centre/investors.asp
This information is provided by RNS
The company news service from the London Stock Exchange
END
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