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Topps Tiles defies retail doom and gloom

Shares in Topps Tiles rose 6% this morning after the Company defied negative press comment about the outlook for retail stocks over the Christmas period. Shares in Topps Tiles have already fallen over 50% in the past 12 months as consumer confidence and spending has cooled dramatically in the face of tighter lending criteria for consumers, which has subsequently meant that retail, financial and property stocks have moved out of favour with equity investors.

Topps Tiles, in its Annual General Meeting statement defied the negative outlook, stating that trading in the first 13 weeks of its new financial year in the UK and Holland showed total revenues up 8.4% and like for like revenues up 1.1%. The Company also confirmed that its balance sheet 'remained stable' and that the outlook, while more challenging, still showed an "underlying growth trend in the retail tile market."

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Shares in Topps Tiles rose 6% this morning after the Company defied negative press comment about the outlook for retail stocks over the Christmas period. Shares in Topps Tiles have already fallen over 50% in the past 12 months as consumer confidence and spending has cooled dramatically in the face of tighter lending criteria for consumers, which has subsequently meant that retail, financial and property stocks have moved out of favour with equity investors.

Topps Tiles, in its Annual General Meeting statement defied the negative outlook, stating that trading in the first 13 weeks of its new financial year in the UK and Holland showed total revenues up 8.4% and like for like revenues up 1.1%. The Company also confirmed that its balance sheet 'remained stable' and that the outlook, while more challenging, still showed an "underlying growth trend in the retail tile market."

Quick facts: Topps Tiles PLC

Price: 78.6 GBX

LSE:TPT
Market: LSE
Market Cap: £154.4 m
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