Topps Tiles said today that with its strong first-quarter performance having continued into the second it now expects "a significantly improved profit performance" for the year.
In a trading update for the 26 weeks to March 29 2014, the UK's largest specialist tile retailer said total revenues for the period would be in the region of £97.5m, up 11.6% year on year, with like-for-like revenues up around 10%. Underlying pre-tax profit for the first half is expected to almost double to £8.0m from 2013's £4.7m.
The company, which has 330 stores, says its performance during the second quarter had been key to its expectations for the year, and that it is now confident of its progress in the second half.
Topps chief executive officer Matthew Williams said: "With the strong start we made to the year being sustained into the second quarter, we now expect a significantly improved profit performance year on year. We are continuing to focus on our strategy of taking further market share and remain optimistic about prospects for the business."
The current range of analysts' estimates for pre-tax profit for the year to September 27 is £15.4m to £19.3m, with a consensus of £16.4m.