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Topps plans expansion after revenue boost

Leicester-based retailer Topps Tiles said it has had a “positive” performance for the first 13 weeks of its financial year, with like-for-like revenues increasing by 2.2 per cent.

In a trading update this morning, the company said it is now pursuing “prudent expansion”, and aims to open ten more stores during the financial year.

Topps Tiles’ total revenues increased by 1.8 per cent across the first 13 weeks of the financial year, with like-for-like sales up 2.2 per cent.

The tile manufacturer said it experienced “some disruption” during December from the extreme weather conditions. Topps Tiles’ non-executive chairman Barry Bester said that he felt the business had “responded well” during a testing period.

He added: “Against this context I am particularly satisfied with the performance over the period as a whole. “The group is currently trading from a total of 312 stores. As stated in the annual report, we are pursuing prudent expansion of the store estate and anticipate opening approximately ten new stores during this financial year.”
Bester said that there had been “no further significant changes” in the financial position of the group since the publication of the annual report and financials statements for the 53 weeks ended 2 October 2010.

Source : Insider Media Ltd

11 January 2011
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