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Topps Tiles Group Delivers Growth in Q3

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Topps Tiles Plc, the UK's leading tile specialist, announces a trading update for the 13-week period ended 2 July 2022. Group sales in the third quarter were up 9.2% year on year, including the benefit of a full quarter of trading from Pro Tiler Tools.

Our omni-channel business, Topps Tiles, has continued to perform well in the third quarter, with like-for-like sales up 2.9% over the period. In the most recent eleven weeks, where the comparative period in FY21 was not impacted by trading restrictions, like-for-like sales were 0.9% lower when compared to a very strong period of trading last year. Sales, margins and operating costs remain in line with our expectations.

Comparing to the period before the pandemic, average weekly sales per trading store in the quarter were 28% higher than in FY19, illustrating the significant progress made by Topps Tiles over the last three years. Slightly less than half of this growth is due to the transfer of sales from closed stores as we successfully rationalised our store network with the remainder due to underlying sales growth.

Within our Commercial business, sales continue to grow well despite a subdued market, with year-on-year growth of 26% in the third quarter. We remain confident that the business will break even in the second half of the year and then move into profitability in FY23.

We have made good progress in our new Online Pure Play businesses, with the acquisition of Pro Tiler Tools and the launch of Tile Warehouse this year. Sales in Pro Tiler Tools, which offers tiling-related consumables and equipment to trade customers, were up 26% compared to the same period last year.

The business remains strongly cash generative and cash balances have increased since the half year.

Rob Parker, CEO, said: “Despite the continuing headwinds from lower consumer confidence, supply chain challenges and high inflation, trading remained encouraging and in line with our expectations in the third quarter, with Group sales up 9.2%. Sales per store in Topps Tiles remain significantly ahead of our pre-pandemic performance, Commercial and Pro Tiler Tools are growing well year on year, and we have successfully launched our newest brand, Tile Warehouse.

“Whilst we are mindful of the current economic pressures and their impact on the outlook for consumers, we are confident that our successful strategy, multiple growth drivers and strong balance sheet leave us well-positioned to deliver medium term growth and our 20% market share goal of ‘1 in 5 by 2025’.”

Source: Topps Tiles & Insight Team

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06 July 2022

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