Topps Tiles PLC Q1 Trading Update (1182Y)
12 Gennaio 2022 - 8:00AM
UK Regulatory
TIDMTPT
RNS Number : 1182Y
Topps Tiles PLC
12 January 2022
12 January 2022
Topps Tiles Plc
Q1 Trading Update
Topps Tiles Plc ("Topps" or the "Group"), the UK's leading tile
specialist, announces a trading update for the 13-week period ended
1 January 2022.
Trading has remained good in our omni-channel Retail business,
with like-for-like sales on a two-year basis up 21.0% in the first
13 weeks of the year. On a one-year basis, Retail like-for-like
sales were 1.0% higher in the first 13 weeks against a very strong
comparative in FY21 (FY21: +19.9%). Compared to last year, we saw
good levels of trading extending further into December as our
customers sought to finish projects by Christmas.
During the quarter, we have taken significant steps to fully
mitigate or pass through cost pressures caused by higher shipping
costs and general inflation in cost of goods, thereby protecting
gross profit. However, as selling prices will increase by a lower
percentage than cost prices, we do expect percentage gross margins
to be moderately lower year on year as a result.
Operating costs in the business remain well controlled and in
line with forecasts, despite the ongoing pressures in areas such as
utilities, employment costs, fuel costs and taxation.
Our Commercial business has started the new year with good
momentum and sales in the first three months are c. 21% higher than
last year.
Against the backdrop of global supply chain challenges, over the
first quarter we continued to hold higher levels of inventory than
we have done historically. This stock holding and the flexibility
in our supply chain provide a buffer against the current
uncertainties around the availability of both product and shipping
and we believe we are well positioned relative to our
marketplace.
Our stores have adapted to the additional Covid-19 control
measures implemented at the end of 2021 and at this stage, we have
yet to see any significant impact on customer behaviour. Like many
businesses, we are currently experiencing higher levels of staff
absence due to confirmed or suspected Covid-19 infections, however
our teams have responded superbly to this challenge and our stores
are well-equipped to deal with more stringent social distancing.
Our strong operational focus and award-winning website position us
well to trade through any period of tighter restrictions.
The business remains well capitalised and the balance sheet is
strong.
Rob Parker, CEO, said: "We have made an encouraging start to the
new financial year, with strong customer demand during the first
quarter and like-for-like sales growth on both a two year and one
year basis against tough comparatives. Global supply chain
challenges, higher staff absence due to Covid-19 and material cost
price inflation continue to provide significant headwinds, however
we are managing these challenges effectively. I am confident that
our successful strategy and strong balance sheet leave us
well-positioned to deliver sustainable long term growth and our 20%
market share goal of '1 in 5 by 2025'."
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 refurbishment
and commercial market and serving a retail and trade customer base
from 314 nationwide Retail stores, 5 Commercial showrooms and three
trading websites: www.toppstiles.co.uk , www.parkside.co.uk and
www.stratatiles.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
http://www.toppstilesplc.com/
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