REG - Topps Tiles - Q1 Trading Update

Topps TilesAnnouncement

04/01/2024 07:00

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RNS Number : 5798Y  Topps Tiles PLC  04 January 2024

 

4 January 2024

Topps Tiles Plc

 

Q1 Trading Update

 

Topps Tiles Plc ("Topps Group", or the "Group"), the UK's leading tile
specialist, announces a trading update for the 13-week period ended 30
December 2023.

 

As reported in the 2023 full year results, trading in the first quarter
reflected the ongoing challenges to discretionary consumer spending,
particularly those impacting on businesses serving the Repair, Maintenance and
Improvement ("RMI") sector. Group sales in the 13 weeks ended 30 December were
4.0% lower year on year.

 

Like-for-like sales in Topps Tiles were down 7.1% in the first quarter,
continuing the trend seen in the first eight weeks, with sales to trade
customers proving more resilient than sales to homeowners. Trading remains
strong in Online Pure Play, with significant year on year sales growth, led by
Pro Tiler Tools. Our Parkside commercial business is performing in line with
our expectations and is profitable in the year to date.

 

The Group's cost base remains well controlled, despite ongoing inflationary
pressures, and cash flow remains strong.

 

As disclosed in the 2023 full year results, based on a number of factors
including the timing of the holiday pay accrual, higher energy usage in H1 and
trading in the first part of the year, we expect the Group's profits in 2024
to be weighted towards the second half.

 

The Group remains well-positioned to respond to market conditions and we
expect to have gained further market share in the first quarter, driven by our
world-class customer service, market-leading brands and specialist expertise,
and supported by our strong balance sheet. We remain excited about the
opportunities for Topps Group over the medium term.

 

For further information please contact:

 

 Topps Tiles Plc
 Rob Parker, CEO         0116 282 8000

 Stephen Hopson, CFO
 Citigate Dewe Rogerson
 Kevin Smith             020 7638 9571

 Ellen Wilton

 

Notes to Editors

 

Topps Tiles Plc is the UK's largest specialist supplier of tiles and
associated products, targeting the UK domestic and commercial markets and
serving homeowners, trade customers, architects, designers and contractors
from 303 nationwide Topps Tiles stores, a commercial showroom in London and
eight customer-facing websites: www.toppstiles.co.uk
(http://www.toppstiles.co.uk) , www.parkside.co.uk (http://www.parkside.co.uk)
, www.protilertools.co.uk (http://www.protilertools.co.uk) ,
www.northantstools.co.uk (http://www.northantstools.co.uk) ,
www.premiumtiletrim.co.uk (http://www.premiumtiletrim.co.uk) ,
www.warmfloorstore.co.uk (http://www.warmfloorstore.co.uk)
www.flooringmaterials.co.uk (http://www.flooringmaterials.co.uk) and
www.tilewarehouse.co.uk (http://www.tilewarehouse.co.uk) .

 

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 on
the Group, please visit www.toppsgroup.com (http://www.toppsgroup.com)

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