Topps Tiles sales grow as consumers give new strategy thumbs up

 
Catherine Neilan
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There's one area of life that uncertainty around Brexit isn't slowing down: DIY. Topps Tiles' second quarter figures out this morning show a rise in sales as the business continues to make progress under its new strategy.

The figures

Second quarter revenues rose 4.9 per cent in the three months to 2 April. Total revenues for the first half were £108m, up from £104m last year, with like-for-likes up 4.7 per cent.

This was affected by the early Easter, which is expected to have dampened like-for-likes by around 0.6 per cent in the quarter, and by 0.3 per cent over the half year, Topps Tiles said.

Why it's interesting

Topps Tiles is part-way through a new strategy that it calls "out specialising the specialists", which it said it was making good progress against.

Key improvements have included completing the roll out of new "inspirational" wall displays, replacing third party stands to make the full range of products easier for customers to shop.

Topps Tiles has also launched 17 new tile ranges - sales from lines launched in the last 12 months accounted for 8.7 per cent of sales. During the quarter it also opened four new stores, while shutting two.

What Topps Tiles said

Chief executive Matthew Williams said: "I am pleased to report that the group has continued its encouraging trading performance, with like-for-like sales growth accelerating to 4.9 per cent in the second quarter.

"Our strategy of 'Out-Specialising the Specialists' is continuing to deliver profitable sales growth and we enter the second half of our financial year in good shape, confident that our plans to extend the appeal of the Topps brand will underpin our further progress."

In short

If DIY is a sign of consumer sentiment, Topps Tiles' figures suggest Brits are still feeling relatively buoyant.

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