Topps Tile falls on profit alert

SHARES in Topps Tiles plunged by a quarter at one stage yesterday as the flooring specialist issued a profit warning.

The country’s biggest tile and wooden flooring retailer warned profits will be smaller than expected after a collapse in consumer confidence meant DIY spending was put on hold.

“We’ve seen a step down in consumer confidence since the beginning of July,” chief exec Matt Williams said. “Footfall is down. Some commentators are saying we never really came out of recession. We’re now at similar [trading] levels as 2008 and 2009.”