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