STRUGGLING Topps Tiles said yesterday it will hit City profit forecasts for around £13m for the year despite the weak state of the high street.
Shares in the UK’s largest tile and wood flooring retailer surged by more than 25 per cent, making it the biggest riser in the FTSE indices, after the announcement. The retailer will end the year with 320 UK stores, having opened 15 during the period and closed or relocated seven others.
It will report its full-year results on 29 November.
It said overall UK revenues would be lower than last year at about £175.7m, down from £182.4m last year, with like-for-like sales 1.9 per cent lower.
Consensus forecasts predict annual profits of £13.4m. Some analysts said Topps had seen some benefit from the stuttering housing market, as fewer homeowners sell up but rather spend money on sprucing up their own properties.
Topps added there were “no significant unexpected changes” in the group’s finances since its interim report in April.
Shares in Topps Tiles closed at 32p yesterday.