Topps Tiles sees quarterly sales slide despite recovery in June

Kasmira Jefford
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TOPPS Tiles said yesterday it was encouraged by a pick-up in trading in June despite posting an overall decline in sales in the third quarter of the year.

The tiling specialist said like-for-like revenues fell by 1.5 per cent in the 13 weeks to 29 June, as wary shoppers continue to put off home improvement projects.

That contrasted with an increase of 2.1 per cent in the same period last year but was better than the 2.6 per cent decline reported in the first eight weeks of the quarter.

Chief executive Matthew Williams said: “Trading in the period since our last update five weeks ago has been more encouraging, with like-for-like sales during June returning to year on year growth.”

The firm, which also sells flooring and has 320 stores,is carrying out a number of self-help measures and is targeting £2m of cost-cuttings to help combat the tough trading environment.

Williams said in May that he expects to improve from a revival in the housing market although this is unlikely to translate into improved trading until the next financial year

Analysts expect adjusted pre-tax profit for the year to 28 September 2013 to be in the range of £12.3m to £13.5m.