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Topps reports record sales despite sluggish Q4

Published: 5 October 2016 - Jenny Wonnacott
New ranges accounted for 12.8% of Topps
New ranges accounted for 12.8% of Topps' sales over the last year

The store enjoyed increases of 4.4% for Q1, 4.9% for Q2, 6.2% during Q3 and 1.4% for Q4. The last quarter was, it said, hit by the "previously announced strategic decision to exit from the low margin wood flooring category" which, it estimated, reduced LfL sales by around 1.5%.

Revenues for the year are expected to be in the region of £215m. Adjusted pre-tax profits are expected to be between £22m - £22.7m, with a consensus ofof £22.3m.

The store has continued to promote its "Out-specialising the Specialists" trade strategy, with initiatives including a loyalty scheme made up of over 40,000 traders, as well as a digital scheme aimed to capitalise on the "do it for me" trend in the UK market.

As a result of in-store space freed up by the retailer's exiting of the wood flooring category, it has been able to introduce more ranges of tiles including an XL variety. More than 50 new ranges have been introduced over the last year, accounting for 12.8% of total sales.

Five new stores were opened over the last year, bringing the total to 351 including 15 Boutique stores.

Topps ceo Matthew Williams said: "I am pleased to report on a successful year for Topps, where we grew sales to a new record, through our proven strategy of ‘Out Specialising the Specialists’. Whilst market conditions weakened over the final quarter as a result of reduced levels of consumer confidence we remain confident in our ability to outperform the market and deliver our goal of further profitable sales growth."

Topps Tills has released its pre-close trading update for the 52 weeks ending October 1, with like-for-likes showing a projected 4.2% increase overall.

The store enjoyed increases of 4.4% for Q1, 4.9% for Q2, 6.2% during Q3 and 1.4% for Q4. The last quarter was, it said, hit by the "previously announced strategic decision to exit from the low margin wood flooring category" which, it estimated, reduced LfL sales by around 1.5%.

Revenues for the year are expected to be in the region of £215m. Adjusted pre-tax profits are expected to be between £22m - £22.7m, with a consensus ofof £22.3m.

The store has continued to promote its "Out-specialising the Specialists" trade strategy, with initiatives including a loyalty scheme made up of over 40,000 traders, as well as a digital scheme aimed to capitalise on the "do it for me" trend in the UK market.

As a result of in-store space freed up by the retailer's exiting of the wood flooring category, it has been able to introduce more ranges of tiles including an XL variety. More than 50 new ranges have been introduced over the last year, accounting for 12.8% of total sales.

Five new stores were opened over the last year, bringing the total to 351 including 15 Boutique stores.

Topps ceo Matthew Williams said: "I am pleased to report on a successful year for Topps, where we grew sales to a new record, through our proven strategy of ‘Out Specialising the Specialists’. Whilst market conditions weakened over the final quarter as a result of reduced levels of consumer confidence we remain confident in our ability to outperform the market and deliver our goal of further profitable sales growth."

Source: Topps Tiles

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