10 January 2017
Topps Tiles Plc
Q1 Trading Statement
Topps Tiles Plc ("Topps" or the "Company"), the UK's largest tile specialist, announces a trading update for the 13 weeks ended 31 December 2016.
Like-for-like revenues for the first 13 weeks of the current financial year increased by 0.3%1.
Topps ended the quarter with a total of 356 stores.
1 Quarter 1 includes one additional trading day due to the timing of public holidays which we estimate will have increased LFL sales growth in the quarter by c.0.6%. This effect will reverse during the second quarter
Strategic Progress
We continue to invest in the business and make good progress with our strategy of "Out-Specialising the Specialists", with specific initiatives in the period including:
· | Inspiration - during the period we saw the early results from the expanded trade rewards loyalty programme. We now have 24,000 participating traders and approximately two thirds of trade sales are linked to the scheme.
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· | Range - following the exit from low margin real wood flooring in 2016 our enhanced wood effect tile ranges continue to deliver strong growth and the newly launched XL ranges are trading ahead of initial expectations.
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· | Convenience - we opened five new stores in the core estate during the quarter. The Group is currently trading from 356 stores, including 15 Boutique stores (2016: 340 stores including 13 Boutique stores). We expect to open c.15 new stores in the current financial year.
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· | People - we have now launched our new employer brand campaign which we believe will increase our attractiveness to new candidates and also help to increase retention of all colleagues.
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Matthew Williams, Chief Executive Officer, said:
"We experienced softer trading conditions during the first quarter but we remain confident that we have continued to outperform the overall tile market. Against this background, our proven strategy, well-invested business and market leading position, leave Topps well-placed for further market share gains in the year ahead."
Topps will hold its Annual General Meeting on 26 January 2017. In line with previous practice, no further update on trading will be given at this point.
The Company will announce a trading update for the 26 weeks ended 1 April 2017 on 4 April 2017.
- Ends -
Enquiries:
Topps Tiles Plc | |
Matthew Williams, Chief Executive Officer | 0116 282 8000 |
Rob Parker, Chief Financial Officer | |
Citigate Dewe Rogerson | |
Kevin Smith / Nick Hayns | 020 7638 9571 |
Note to editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles and associated tools and accessories, targeting the UK domestic refurbishment market and serving a retail and trade customer base from 356 stores nationwide.
Since opening its first store in 1963, Topps has maintained a simple operating philosophy - inspiring customers with unrivalled product choice and providing exceptional levels of customer service.
For further information, please visit www.toppstiles.co.uk/media-centre/investors.asp
This information is provided by RNS
