Topps Tiles PLC Q1 Trading Update (0562Z)
08 Enero 2020 - 1:00AM
UK Regulatory
TIDMTPT
RNS Number : 0562Z
Topps Tiles PLC
08 January 2020
8 January 2020
Topps Tiles Plc
Q1 Trading Update
Trading
Topps Tiles Plc (the "Group"), the UK's largest tile specialist,
announces a trading update for the 13 week period ended 28 December
2019.
Like-for-like retail revenues for the first 13 weeks of the
current financial year decreased by 5.4% (2019: decreased by 1.4%).
As announced on 26 November 2019, retail like-for-like revenues
across the first eight weeks of the quarter decreased by 7.2%. For
the final five weeks of the quarter performance improved
significantly, with the decrease in retail like-for-like revenues
reducing to 1.4%.
Strategic Progress
-- Group - the Group continues to focus on its core purpose to
inspire customers through our love of tiles. We are also maintaining
a tight focus on costs and on maximising the conversion of turnover
into free cash flow. During the quarter the success of our "Leading
People" strategy was recognised by Glassdoor who presented Topps
Tiles with an 'Employees' Choice' award in the Best Places to
Work category for 2020, where we were the highest placed retailer,
finishing ninth overall.
-- Retail - our overall customer satisfaction score continues to
improve, with 88% of customers telling us that they were "highly
satisfied" across the quarter. The Group continues to actively
manage its store portfolio - ending the period with 361 stores,
having closed one store and relocated another.
-- Commercial - our entry into Commercial has approximately doubled
our addressable market and our strategy of creating a new market
leader continues to make good progress. Commercial sales for
the quarter were GBP2.3 million, an increase of c.250% year
on year (or c.150% on a comparable basis) and we remain encouraged
by our progress towards our target of a broadly breakeven outcome
for the current financial year.
Rob Parker, CEO, said: "Our first quarter performance reflects
the full impact of the heightened political and economic
uncertainty evident in the run up to December's General Election,
which we first noted in our 2019 full year results announcement.
Trading conditions remained challenging throughout the period and,
against this backdrop, we ensured that we continued to offer our
customers excellent value for money. As expected, the retail
like-for-like sales decline began to return to its pre-election
trend towards the end of the quarter.
"As we enter 2020, we remain confident that our market-leading
retail offer and growing commercial operations give us a strong
platform from which to deliver sustainable growth over the medium
and long term."
Topps Tiles will hold its Annual General Meeting on 22 January
2020. In line with previous practice, no further update on trading
will be given at this point.
The Company will announce a trading update for the 26 weeks
ended 28 March 2020 on 1 April 2020.
- Ends -
Enquiries:
Topps Tiles Plc 0116 282 8000
Rob Parker, Chief Executive Officer
Citigate Dewe Rogerson 020 7638 9571
Kevin Smith / Nick Hayns
Note to editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles
and associated products, targeting the UK domestic refurbishment
and commercial market and serving a retail and trade customer base
from 361 nationwide retail stores and four commercial
showrooms.
Since opening its first store in 1963, Topps has maintained a
simple operating philosophy - inspiring customers with unrivalled
product choice and providing exceptional levels of customer
service.
For further information, please visit
http://www.toppstilesplc.com/
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END
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