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Topps back on track after bleak summer sales

TILE and wood flooring retailer Topps Tiles said yesterday full-year underlying profit would be within the range of analyst expectations following a pick-up in fourth-quarter sales growth.

Topps Tiles, which trades from over 300 stores, said sales at stores for open over a year rose about four per cent in the last quarter of its financial year, giving an increase of 1.7 per cent over the 53 weeks to 2 October.

Like-for-like sales had fallen 1.2 per cent in the 13 weeks to 3 July, the group’s third quarter. Total revenues over the 53-week period rose two per cent to £182m. Forecasts for full-year adjusted pretax profit were in a £14.5-17.1m range, the company said.

Topps Tiles shares have lost 41 per cent of their value over the past year, as cash-strapped consumers cut back on spending on their homes.

The Leicester-based company is in competition with the likes of B&Q.

Source : City AM

30 September 2010
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