Topps Tiles PLC Q3 Trading Update (6010R)
01 Julio 2020 - 1:00AM
UK Regulatory
TIDMTPT
RNS Number : 6010R
Topps Tiles PLC
01 July 2020
1 July 2020
Topps Tiles Plc
Q3 Trading Update
Trading
Topps Tiles Plc (the "Group"), the UK's leading tile specialist,
announces a trading update for the 13 week period ended 27 June
2020.
Retail trading over the third quarter improved significantly as
stores re-opened, with average sales per week growing from GBP0.8
million during April (when all stores were closed) to GBP3.9
million in the final week of June when all stores were trading,
which was 5.4% below the same week in the prior year on a like for
like basis. The Board is pleased by this performance, which was
ahead of its revised expectations following the outbreak of
Covid-19.
Average Weekly Sales
April May June Q3
FY 2020 GBP0.8m GBP1.3m GBP3.3m GBP1.9m
-------- -------- -------- --------
FY 2019 GBP4.0m GBP4.2m GBP4.1m GBP4.1m
-------- -------- -------- --------
YoY% (80)% (69)% (20)% (53)%
-------- -------- -------- --------
Third Quarter Highlights
Retail
-- Majority of stores opened from end of May with enhanced health and safety protocols in
place to safeguard colleagues and customers
-- Social distancing measures in stores not a significant constraint on trade due to relatively
low customer footfall and availability of space in stores to browse
-- Retail performance in the third quarter ahead of revised expectations due to accelerated
pace of store re-openings and better than expected customer demand
-- Retail website has performed robustly with sales across the quarter 139% ahead of the prior
year, leveraging the Group's recent investment in its online platform
Commercial
-- Commercial sales for the quarter were GBP1.4 million, which was 16% below the prior year
and 39% below the previous quarter
-- Activity levels across June have increased steadily as the construction industry has returned
to work
Cash, Debt & Liquidity
-- Sale and leaseback - central office and warehouse facility disposed of during the period
for GBP18.1 million, further strengthening Group liquidity
-- Encouraged by overall Q3 liquidity, with rate of sales recovery and cash performance ahead
of initial expectations
-- Period end net cash of GBP3.9 million and available cash headroom of GBP52.9 million (including
conclusion of additional CLBILS GBP10 million loan facility in the period)
Rob Parker, Chief Executive, said: "I am pleased with the
resilience shown by the business through this period and I would
like to thank colleagues across the Group for their hard work and
dedication which ensured that, by the end of June, all Topps stores
were back open and serving our customers safely.
"The Group has demonstrated its resilience, with revenues ahead
of our expectations, and we have strengthened our financial
liquidity through the sale and leaseback of our central warehouse
and head office facility.
"Looking ahead, from our market leading position and with a firm
financial footing, Topps is well-positioned as the economy begins
to recover."
- Ends -
Enquiries:
Topps Tiles Plc 0116 282 8000
Rob Parker, Chief Executive Officer
Citigate Dewe Rogerson
Kevin Smith 020 3926 8509
Nick Hayns 020 3926 8503
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 356 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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