Heightened political and economic uncertainty hurts Topps Tiles’ first quarter

Topps Tiles, the Leicester-based tile specialist, has highlighted a fall in revenues in a trading update for the 13 week period ended 28 December 2019, pointing to the impact of heightened political and economic uncertainty in the run up to December’s General Election.

Like-for-like retail revenues for the first 13 weeks of the current financial year decreased by 5.4%. As announced on 26 November 2019, retail like-for-like revenues across the first eight weeks of the quarter decreased by 7.2%. For the final five weeks of the quarter performance improved, with the decrease in retail like-for-like revenues reducing to 1.4%.

The company also highlighted that commercial sales for the quarter were £2.3 million, an increase of c.250% year on year.

Rob Parker, CEO, said: “Our first quarter performance reflects the full impact of the heightened political and economic uncertainty evident in the run up to December’s General Election, which we first noted in our 2019 full year results announcement.

“Trading conditions remained challenging throughout the period and, against this backdrop, we ensured that we continued to offer our customers excellent value for money. As expected, the retail like-for-like sales decline began to return to its pre-election trend towards the end of the quarter.

“As we enter 2020, we remain confident that our market-leading retail offer and growing commercial operations give us a strong platform from which to deliver sustainable growth over the medium and long term.”