Following on from the 36% drop in revenue reported at the end of its last financial year, Topps Tiles' latest interim management statement has revealed that its financial position is unchanged after what it describes as a "tough" first quarter.
Like-for-like (lfl) sales in the 13-week period from October, 2011, dropped 4.2%. However, the group said it is "assured by its performance", following a pick-up in trading during the latter half of Q1, and will continue with its expansion plans for the rest of the year.

Figures initially revealed a 6.9% lfl sales decline during the first seven weeks of the quarter but, as trading improved over the final 6 weeks, this averaged out at -4.2% for the quarter as a whole.

The tile retailer, which currently operates 320 stores plans to open a further five outlets in 2012.

In October DIY Week reported that Topps' sales revenue dropped from £182.4m to £175.5m in 2011, with pre-tax profit falling from £12.4m to 7.9m over the 52-week period.

Topps Tiles chairman Michael Jack said this week: "There have been no further significant changes in the financial position of the Group since the publication of the financial statements for the 52 weeks ended October 1, 2011... As stated in the annual report, we are pursuing prudent expansion of the store estate."

He added: "Looking ahead, the board remains very conscious of the difficult outlook for the consumer in 2012 but we believe that our strategy of offering outstanding value for money combined with exceptional levels of service will continue to deliver the best results for both our customers and our shareholders."