03:00 Wed 30 Sep 2015
Topps Tiles - Pre Close Trading Update
Pre-close Trading Update
Record revenue and continued growth in market share
Trading
Revenues for the 53 week period are expected to be in the region of
Analysis of LFL sales by quarter
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Qtr 1 |
Qtr 2 |
Qtr 3 |
Qtr 4 |
FY 2015 |
6.0% |
4.5% |
5.9% |
5.0% |
FY 2014 |
9.3% |
11.1% |
6.3% |
5.9% |
Management remain comfortable with current market estimates for adjusted pre-tax profits for the year.
Strategic Progress
We continue to make good progress with our strategy of out-specialising the specialist, with specific initiatives in the period including:
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Inspiration - further development of our industry leading online "visualiser"; and plans in place for a roll-out of new merchandising treatments across the existing store estate during the year ahead following a successful trial in our latest lab store in
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Range - in the last quarter 17 new ranges have been launched, with a focus on collaborative, exclusive innovations with leading manufacturers. Recent own brand developments have included a complete tile care range, and a unique new tile range, "Regional Reflections", which replicates natural stone from around the
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Convenience - we opened 3 new core stores and 2 Boutiques in the fourth quarter. We are currently trading from 348 stores, including 13 Boutique stores, and expect to finish the year with 348 stores in total (2014: 335).
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"As a result of this, we are confident of hitting our one third market share goal* by the end of this year and are well advanced on developing our next strategic goal for the organisation."
Business Simplification Initiatives
The Group is progressing two key initiatives to simplify and streamline its operations moving forwards, with the principal actions being:
i. The centralisation of its support functions on to one site at
ii. The closure of the nine remaining clearance stores, with all stores now trading under a unified Topps Tiles store fascia
These changes will result in a non-cash charge of c.
* Market share goal was
- Ends -
Enquiries:
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0116 282 8000 |
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020 7638 9571 |
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Note to editors
Since opening its first store in 1963,
This focus has established
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