Wednesday 9 January 2019 9:08 am

Sales slip at Topps Tiles but boss hails robust result in tough retail climate

Sales at Topps Tiles slipped 1.4 per cent in the 13 weeks to 29 December compared to the same period last year, the tile retailer said today.

Despite the sales decrease its chief executive Matthew Williams hailed Topps' robust performance.

“Against a challenging market backdrop and a strong period of performance in the prior year we believe the business has performed robustly over the first quarter. We remain excited by both the opportunity for profitable growth that our expansion into commercial segment will bring and the continued opportunity to further strengthen our market leading position overall.”

Analysts at Liberum said: “The strategy continues to deliver outperformance versus the competition, underpinning Topps' leading market position, and progress in the commercial division remains encouraging.”

The company said it was making good progress with its plans for commercial and said its strategy of “disrupt and construct” is proving successful.

In retail the company opened one store and close two during the period, and is now trading from 367 stores, compared to 371 in the same period last year.

Topps Tiles will hold its annual general meeting on 30 January and will announce its next trading update on 3 April.

Shares rose two per cent to 65p this morning.