Thursday, July 2, 2020

Revenues ahead of expectations as Topps Tiles shows resilience

Topps Tiles’ Chief Executive has said that the company has shown “resilience” in Q3.

In a trading update for the 13 week period ended 27 June 2020 the tile specialist noted that retail trading improved significantly as stores re-opened, with average sales per week growing from £0.8 million during April (when all stores were closed) to £3.9 million in the final week of June when all stores were trading, which was 5.4% below the same week in the prior year on a like for like basis. The firm said that this was ahead of its revised expectations following the outbreak of COVID-19.

The company highlighted that retail website performed robustly with sales across the quarter 139% ahead of the prior year.

Meanwhile commercial sales for the quarter were £1.4 million, which was 16% below the prior year and 39% below the previous quarter. Activity levels across June, however, have increased steadily as the construction industry has returned to work

Rob Parker, Chief Executive, said: “I am pleased with the resilience shown by the business through this period and I would like to thank colleagues across the Group for their hard work and dedication which ensured that, by the end of June, all Topps stores were back open and serving our customers safely.

“The Group has demonstrated its resilience, with revenues ahead of our expectations, and we have strengthened our financial liquidity through the sale and leaseback of our central warehouse and head office facility.

“Looking ahead, from our market leading position and with a firm financial footing, Topps is well-positioned as the economy begins to recover.”

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