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Topps Tiles warns of sales drop despite “robustly positive” fourth quarter

// Topps Tiles said for the 52 week period to September 26, trading “remained robustly positive”
// Like-for-like sales were up 16.5% in the 13 weeks to September 26, 2020
// All of its stores were now open with “social distancing and hygiene protocols in place”

Topps Tiles has reported a “robustly positive” fourth quarter of trading and now expects a “modest level of adjusted profit before tax” for the end of its financial year.

For the 52 week period to September 26, the home and DIY retailer said that trading “remained robustly positive”, which reflects the “robust home improvement market”.

Like-for-like sales were up 16.5 per cent in the 13 weeks to September 26, 2020, which boosted “confidence that the group will generate a modest level of adjusted profit before tax” for the financial year.

READ MORE: Topps Tiles welcomes new chief financial officer

In terms of average weekly sales, Topps Tiles said it had been tracking at double digit year-on-year growth since July.

However, Topps Tiles warned that sales for the period are expected to be in the region of £192 million, down 0.6 per cent from 2019.

Topps Tiles said that all of its stores were now open with “social distancing protocols in place”.

Meanwhile, the retailer said in August it “ceased to utilise the UK Government’s job retention scheme”.

Earlier this month, Topps Tiles appointed the finance boss of a US beverage company, Stephen Hopson, as its new chief financial officer.

Hopson, who will join Topps Tiles at the start of November, is currently the Western Europe central finance director at multinational brewing company Molson Coors.

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The post Topps Tiles warns of sales drop despite “robustly positive” fourth quarter appeared first on Retail Gazette.



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