TPT.L

Topps Tiles Plc
Topps Tiles - Q3 Trading Update
3rd July 2024, 06:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 8763U
Topps Tiles PLC
03 July 2024
 

 

3 July 2024

Topps Tiles Plc

 

Q3 Trading Update

 

 

Topps Tiles Plc ("Topps Group", or the "Group"), the UK's leading tile specialist, announces a trading update for the 39-week period ended 29 June 2024.

 

The trading environment in the period was broadly unchanged from that described in the Group's Interim Results on 21 May 2024. Total Group sales in the third quarter were 6.9% lower year-on-year, and in the 39-week period, Group sales were 6.2% lower than the prior year.  As stated in the Interim Results, we believe that the UK tile market is down 10-15% year-on-year, with the Group continuing to take market share.

 

Market conditions have remained challenging overall, with subdued demand in the domestic Repair, Maintenance and Improvement ("RMI") sector, especially for bigger ticket projects. Like-for-like sales1 in Topps Tiles were 9.7% lower year-on-year in the third quarter, similar to the 9.2% decline seen in the first half, however sales levels in Topps Tiles stabilised through the quarter. Sales to trade customers continued to be more resilient than sales to homeowners.

 

Online Pure Play continues to perform well with significant year-on-year sales growth as the Group continues to grow market share. Trading conditions in the commercial market are challenging although Parkside remains in a marginally profitable position year to date following the restructuring actions taken last year.

 

Positive macroeconomic data on inflation, real wage growth, improving consumer confidence and increased activity in the housing market provides some confidence in a cyclical recovery, and the Group is well-positioned to benefit from this due to its growing market share, leading brands, specialist expertise and world-class service, underpinned by its strong balance sheet. However, with this recovery yet to feed through into our end markets, the Group is progressing the self-help opportunities described in the Interim Results statement as part of its 'Mission 365' goal.  Work on the delivery of these plans, which will deliver significant medium-term benefits to both sales and profits, is continuing at pace, and further updates will be provided in future statements.

 

Notes:

1 Topps Tiles like-for-like sales is defined as online sales and sales from Topps Tiles stores that have been trading for more than 52 weeks.

 

For further information please contact:

 

Topps Tiles Plc


Rob Parker, CEO

Stephen Hopson, CFO

0116 282 8000

Citigate Dewe Rogerson


Kevin Smith

Ellen Wilton

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 302 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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTUPUUGMUPCGMP]]>
TwitterFacebookLinkedIn