Topps Tiles PLC Q3 Trading Update (5565D)
30 Giugno 2021 - 8:00AM
UK Regulatory
TIDMTPT
RNS Number : 5565D
Topps Tiles PLC
30 June 2021
30 June 2021
Topps Tiles Plc
Q3 Trading Update
Strong Retail sales and positive trading outlook
Topps Tiles Plc ("Topps" or the "Group"), the UK's leading tile
specialist, announces a trading update for the 13-week period ended
26 June 2021.
Our omni-channel Retail business has performed well over the
third quarter, reporting robust sales growth in the period
following the re-opening of our retail stores to all customers on
12 April 2021. On a two-year basis, Retail like-for-like sales
increased by 12.9% over the third quarter as a whole, and were up
18.5% in the eleven weeks since the stores fully re-opened. The
successful launch of our extended outdoor range and increasing
demand for our value offer has driven higher sales in the eleven
week period and, while percentage gross margins in the period were
slightly lower than previous guidance, our gross profits were
strong. We are well placed to benefit from continuing high levels
of consumer demand in the home improvement sector over the coming
months.
2 weeks to 11 weeks to 13 weeks to
10 April 2021 26 June 2021 26 June 2021
(Trading restrictions) (No trading restrictions)
Two-year Retail
like-for-like
sales -17.1% +18.5% +12.9%
------------------------ --------------------------- --------------
We remain confident that we will grow sales in the Commercial
business this financial year as key market sectors begin to
recover.
The Group remains debt free and, as indicated at the half year,
the cash position of the business improved further in the quarter
following the normalisation of working capital balances as trading
restrictions were removed. We have now repaid all support received
in the first half of this financial year from the Coronavirus Job
Retention Scheme, and at the end of the third quarter, our cash
balance has increased to GBP26.9 million.
Rob Parker, CEO, said: "I'm encouraged by the strength of the
Group's performance in the third quarter, following the lifting of
trading restrictions in mid-April. Building on the initial recovery
we reported at the time of our interim results, our Retail sales
strengthened further over the balance of the period.
We remain positive on the trading outlook for remainder of the
financial year, and are well positioned to take advantage of
increased consumer confidence and spending as we focus on our
market share goal of '1 in 5 by 2025'*."
The Group will announce a trading update for the 53 weeks ending
2 October 2021 on 6 October 2021.
* Refers to Topps' goal of accounting for GBP1 in every GBP5
spent on tiles and associated products in the UK by 2025, thereby
increasing its market share to 20% from approximately 17% at
present.
For further information please contact:
Topps Tiles Plc
Rob Parker, CEO
Stephen Hopson, CFO 0116 282 8000
Citigate Dewe Rogerson
Kevin Smith/Lizzy Kittle 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 322 nationwide Retail stores, 7 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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END
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