4 January 2024
Topps Tiles Plc
Q1 Trading Update
Topps Tiles Plc ("Topps Group", or the "Group"), the UK's leading tile specialist, announces a trading update for the 13-week period ended 30 December 2023.
As reported in the 2023 full year results, trading in the first quarter reflected the ongoing challenges to discretionary consumer spending, particularly those impacting on businesses serving the Repair, Maintenance and Improvement ("RMI") sector. Group sales in the 13 weeks ended 30 December were 4.0% lower year on year.
Like-for-like sales in Topps Tiles were down 7.1% in the first quarter, continuing the trend seen in the first eight weeks, with sales to trade customers proving more resilient than sales to homeowners. Trading remains strong in Online Pure Play, with significant year on year sales growth, led by Pro Tiler Tools. Our Parkside commercial business is performing in line with our expectations and is profitable in the year to date.
The Group's cost base remains well controlled, despite ongoing inflationary pressures, and cash flow remains strong.
As disclosed in the 2023 full year results, based on a number of factors including the timing of the holiday pay accrual, higher energy usage in H1 and trading in the first part of the year, we expect the Group's profits in 2024 to be weighted towards the second half.
The Group remains well-positioned to respond to market conditions and we expect to have gained further market share in the first quarter, driven by our world-class customer service, market-leading brands and specialist expertise, and supported by our strong balance sheet. We remain excited about the opportunities for Topps Group over the medium term.
For further information please contact:
Topps Tiles Plc
Rob Parker, CEO
Stephen Hopson, CFO
0116 282 8000
Citigate Dewe Rogerson
020 7638 9571
Notes to Editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles and associated products, targeting the UK domestic and commercial markets and serving homeowners, trade customers, architects, designers and contractors from 303 nationwide Topps Tiles stores, a commercial showroom in London and eight customer-facing websites: www.toppstiles.co.uk, www.parkside.co.uk, www.protilertools.co.uk, www.northantstools.co.uk, www.premiumtiletrim.co.uk, www.warmfloorstore.co.uk www.flooringmaterials.co.uk and www.tilewarehouse.co.uk.
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 on the Group, please visit www.toppsgroup.com