Topps Tiles PLC Trading Update (2631E)
27 Febrero 2020 - 1:00AM
UK Regulatory
TIDMTPT
RNS Number : 2631E
Topps Tiles PLC
27 February 2020
27 February 2020
Topps Tiles Plc
("Topps" or "the Group")
Trading Update
Topps Tiles Plc announces a trading update for the eight weeks
ended 22 February 2020.
In early January 2020 Topps Tiles Plc reported that its trading
performance in the first quarter of its current financial year,
which ended on 28 December 2019, had been impacted significantly by
political and economic uncertainty in the run up to the UK General
Election, with Retail like-for-like sales in the period falling by
5.4%.
Trading in the first eight weeks of the second quarter has
remained challenging against a backdrop of continued weak home
improvement spending. Retail like-for-like sales in the eight weeks
to 22 February 2020 decreased by 5.5%.
With most of the period complete, the Group now expects that
first half profit will be significantly below the prior year level.
As a result, management expect adjusted profit before tax for the
53 weeks ended 3 October 2020 will be materially below the bottom
end of the current range of market expectations(1) .
The Group remains cash generative and, in light of current
trading conditions, has further strengthened its focus on costs and
cash management.
Rob Parker, CEO, said: "Trading conditions in our second quarter
have remained challenging, reflecting continued weakness in home
improvement spending. Against this backdrop we are taking
appropriate action to ensure we remain competitive, to reduce costs
and to strengthen cash flows.
"While UK housing market indicators have shown an encouraging
improvement in the period since the General Election, these
traditionally have a lagged impact on our trading and we would not
expect to see any benefit from these until later into the second
half - our performance during this period will be key to the
outcome for the year as a whole.
"We remain confident that our market-leading retail offer and
recently established commercial operations give us a strong
platform from which to deliver sustainable growth over the medium
and long term."
The Group's next update will be the announcement of its results
for the 26 weeks ended 28 March 2020 on 19 May 2020.
(1) The current range of market expectations for adjusted profit
before tax for the 53 weeks ended 3 October 2020 is GBP13.5m to
GBP14.5m
- Ends -
This announcement contains inside information within the meaning
of the Market Abuse Regulation. The person responsible for
arranging release of this announcement on behalf of Topps is Rob
Parker, Chief Executive Officer.
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/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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