UK's Topps Tiles posts 31% interim profit slump, signals early recovery (updated)
19/05/2026 07:58
Recasts paragraph 1, adds background and details from paragraph 2 onwards May 19 (Reuters) - Britain's Topps Tiles TPT.L posted on Tuesday a 31.3% fall in half-year profit, as weak demand and slower sales in a subdued home-improvement market weighed on its performance, although the retailer pointed to early signs of recovery in the second half. Topps Tiles, the country's largest tile retailer, has been broadening its lineup while cutting costs and closing underperforming stores, as low consumer confidence, rising costs and geopolitical uncertainty force Britons to withhold non-essential spending. The company said its like-for-like sales rose 0.6% in the first seven weeks of the second half, improving from a 2% decline in the second quarter. Topps Tiles is confident that profit would improve in the period and it can meet annual expectations. The tile retailer posted adjusted pretax profit at 2.2 million pounds ($2.95 million) for the 26-week period ended March 28, compared with 3.2 million pounds a year ago. ($1 = 0.7454 pounds) (Reporting by Ankita Bora in Bengaluru; Editing by Sherry Jacob-Phillips) ((Ankita.Bora@thomsonreuters.com;))