13 July 2011
Topps Tiles Plc
Interim Management Statement
Topps Tiles Plc (the "Company"), the UK's largest tile and wood flooring specialist, reports on trading for the 13 weeks ended 2nd July 2011.
At the half year results announced on 1st June 2011, we reported that for the first seven weeks trading of our third financial quarter overall Group revenues declined by 2.1% on a like-for-like basis.
Trading during the remainder of the quarter has continued to be subdued with like-for-like revenues across the 13 weeks having declined by 1.9% (2010: down 1.2%). Over the same period total company revenues declined by 1.6% (2010: down 2.5%).
We do not expect to see any material change to trading patterns over the final quarter of the financial year. The business will continue to focus on achieving the efficiencies necessary to drive improved gross margins which will help to offset some of the impact of the challenging environment.
In the UK, we are currently trading from a total of 313 stores, and remain confident that we will achieve our year end target of 320.
There have been no significant or unexpected changes in the financial position of the Group since the publication of the Interim Report for the half year ended 2 April 2011.
Enquiries:
Emma Kent / Rosanne Perry / Duncan Mayall
Pelham Bell Pottinger 020 7861 3232
Matthew Williams, Chief Executive Officer
Rob Parker, Finance Director 0161 486 2400
This information is provided by RNS
