Belfast Telegraph

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Topps Tiles enjoys sales rise after new products launched

Published 06/04/2016

Topps Tiles said like-for-like sales grew by 4.9% in the second quarter (Topps Tiles/PA)
Topps Tiles said like-for-like sales grew by 4.9% in the second quarter (Topps Tiles/PA)

Retailer Topps Tiles said it is in "good shape" as it cheered rising sales following the launch of new products.

The tiling and flooring firm, which has 342 stores, said like-for-like sales grew by 4.9% in the second quarter after it revealed 17 new tile ranges.

But it said the early Easter break had dampened sales growth over the period by as much as 0.6%.

Shares in the firm dropped just under 1%.

Chief executive Matthew Williams said: "I am pleased to report that the group has continued its encouraging trading performance, with like-for-like sales growth accelerating to 4.9% in the second quarter.

"Our strategy of 'out-specialising the specialists' is continuing to deliver profitable sales growth and we enter the second half of our financial year in good shape, confident that our plans to extend the appeal of the Topps brand will underpin our further progress."

The firm said that total revenues had edged up £4 million to £108 million in the 26 weeks to April 2 2016.

It added that moves to ditch third-party stands in favour of "inspirational wall displays" were making it easier for customers to buy their products.

It also pressed ahead with plans to increase its reach across the UK, opening four new stores and closing two units.

Topps announced last year that it would shut its Cheadle office and move all its support functions to its head office just outside Leicester as part of a plan to save at least £500,000 a year.

The company launched its first store in Sale, Manchester, in 1963 before expanding across the North West and the Midlands.

Analysts at Liberum said the trading update showed the business was in "good health".

They added: " While UK consumer confidence may not be as robust as it was a year ago Topps has a solid self-help strategy based on up to 100 further store openings and a move into the small business market."

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