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Topps Tiles - Q3 Trading Update

RNS Number : 2616E
Topps Tiles PLC
03 July 2019
 

3 July 2019

Topps Tiles Plc

 

Q3 Trading Update

Trading

Topps Tiles Plc (the "Group"), the UK's leading tile specialist, announces a trading update for the 13 week period ending 29 June 2019.

Trading over the third quarter has improved from the levels reported over H1, with like-for-like sales increasing by 3.8%. 

 

Analysis of LFL sales by quarter

 

Q1

Q2

First Half

Q3

FY 2019

(1.4)%

+1.8%

+0.2%

+3.8%

FY 2018

+3.4%

(2.2)%

+0.6%

(2.3)%

 

Strategic Progress

·  

Group - our "Leading Product" strategy of differentiation and innovation continues to further our strategic advantage.  We have launched 25 new ranges this year, with those launched in the last 12 months accounting for 20% of our sales in the period, and our core suppliers accounting for in excess of 70% of our purchases.

·  

Retail - our strategy of "Out Specialising The Specialists" continues to deliver strong results.  We launched our customer feedback system, "Tile Talk", at the start of the year and we have achieved an overall satisfaction score of 87% which places us in the top five retailers in the UK.  We are continuing to roll-out our latest merchandising initiatives in-store and expect to have two thirds of the estate completed by the end of the financial year.  We ended the period with 365 retail stores trading (2018: 374), having opened three sites during the quarter.

·  

Commercial - our strategy of "Disrupt and Construct" continues to make good progress. The period included the complementary acquisition of Strata Tiles, a commercial tile business based in Guildford and London.  Our entry into the commercial tile market has approximately doubled our addressable market and provides opportunities to leverage our competitive advantage.

 

Matthew Williams, Chief Executive Officer, said: "The business performed well over the third quarter with like-for-like sales growing by 3.8%. While this is in part due to a softer trading period in the prior year we are encouraged that the successful execution of our strategy is delivering good trading results."

 

 

 

- 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 365 nationwide retail stores and three commercial showrooms.

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

 

 

 


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Quick facts: Topps Tiles PLC

Price: 41.8799

Market: LSE
Market Cap: £82.27 m
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