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Topps on track in spite of continuing sales plunge

TILE and wood flooring group Topps Tiles said yesterday it is on track to meet full-year expectations, despite sales continuing to plunge over the past four months.<br /><br />Topps, which has reduced its total number of stores by five per cent since the start of the financial year, said revenue for the 18 weeks to 1 August fell 10.9 per cent on a like-for-like basis.<br /><br />But the decline slowed from the first seven weeks of the period, when like-for-like sales fell 11.9 per cent.<br /><br />&ldquo;Although trading conditions remain challenging, reflecting the ongoing weakness in consumer confidence, the group is on track to meet management&rsquo;s expectations for the full year,&rdquo; Topps said.<br /><br />In May, Topps posted a 57 per cent fall in first-half profit and axed its interim dividend. But its shares have risen 63 per cent over the last three months on recovery hopes, outperforming the FTSE All Share General Retailers Index by 47 per cent.