Topps Tiles predicts sales leap after positive start to the year
TILING specialist Topps Tiles expects to post a near 70 per cent leap in first-half profit after a strong start to the year, in a further sign of improving consumer sentiment.
The retailer, which has 330 stores across the country, said it expects to report profits of £8m in the 28 weeks to 29 March compared with £4.7m the previous year.
Revenues are forecast to be 11.6 per cent higher at £97.5m while like-for-like sales will have increased by around 10 per cent.
“With the strong start we made to the year being sustained into the second quarter, we now expect a significantly improved profit performance year on year,” chief executive Matthew Williams, said:
“We are continuing to focus on our strategy of taking further market share and remain optimistic about prospects for the business,” Williams added.
The upbeat statement drove shares in Topps Tiles up by 0.36 per cent yesterday. Analysts at Peel Hunt upgraded their full-year profit forecasts by 5.7 per cent to £16.5m.