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Topps Tiles hit as sales decline
SHARES in Topps Tiles fell almost six per cent yesterday to 63.75p after the wood and tile flooring firm posted lower underlying profit in the first half and gave a cautious outlook.
It said like-for-like sales were down 2.1 per cent in the past seven weeks, compared with an increase of 1.8 per cent over the six months to 2 April.
It reported adjusted profits of £7.2m over the period against £7.8m during the equivalent 27 week trading period a year earlier. Chief executive Matt Williams said it was a “robust performance”.