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Good morning!Topps Tiles (LON:TPT)
Share price: 136.4p (up 3.9% today)No. shares: 193.1mMarket cap: £263.4m
Interim results, 26 wks to 2 Apr 2016 - the numbers look solid. Here are the KPIs, with my comments on the highlighted items below:
Note that total sales growth of 3.8% in H1 is actually lower than the LFL sales growth of 4.7%. This must mean that the number of stores actually declined. The narrative confirms this is due to the closure of their Topps Clearance format.
This looks to me like a company which is becoming mature. So it…