Topps Tiles warns of reduced consumer confidence

Topps Tiles has warned of reduced consumer confidence as it posted slowing sales in the fourth quarter.
By The Newsroom
Published 5th Oct 2016, 08:58 BST
Updated 5th Oct 2016, 14:04 BST
Topps Tiles store.Topps Tiles store.
Topps Tiles store.

The tiling and flooring retailer said like-for-like sales during the period rose 1.4 per cent, compared with 6.2 per cent in the previous quarter.

Boss Matthew Williams said: “Whilst market conditions weakened over the final quarter as a result of reduced levels of consumer confidence we remain confident in our ability to outperform the market and deliver our goal of further profitable sales growth.”

Topps still expects to post record annual sales this year.

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The retailer said full-year revenues are expected to be about £215m, up from £212.2m in 2015, with profits forecast to come in at between £22m and £22.7m.

Annual like-for-like sales are set to rise 4.2 per cent.

Topps added that its decision to exit from the low margin wood flooring category is expected to see greater sales of larger format tiles.

In May, Topps unveiled an 11 per cent rise in first-half pre-tax profits to £10.1m on sales of £108m.