Topps Tiles predicts small rise in annual profit
Published: 30 September 2013
Topps Tiles is expecting to report a marginal rise in profits when it posts its full-year results on November 26.
The UK's leading tile and wood flooring retailer said in a trading statement that pre-tax profit for the 52 weeks to September 28 would be in the region of £13m, slightly up from last year's £12.8m, while revenues are likely to be broadly flat at £177.7m. Like-for-like sales are expected to fall 0.5%.
Topps Tiles said a rise in consumer confidence had delivered flat final-quarter sales, halting the slide of the previous two quarters.
"After the declines seen in the second and third quarters, sales over the final three months of our financial year have been broadly level on a like-for-like basis, which provides encouragement for the year ahead," said chief executive Matthew Williams.
"The economy is starting to show signs of a gradual recovery and our business is well positioned to capitalise on any improvements in consumer confidence and increased levels of discretionary expenditure."
The retailer opened 18 stores and closed or relocated 15 during the financial year, and now trades from 328 outlets.