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Topps Tiles profit falls

The company, which sells wood and tile flooring from 309 stores in Britain, said total revenue for the first seven weeks of the current period fell 5 percent, while like-for-like sales decreased 4.3 percent.

"The economic environment remains challenging for retailers, with consumer confidence and discretionary spending continuing to show signs of weakness," Chief Executive Matthew Williams said in a statement.

For the 27 weeks ended April 3, the company said its pretax profit before exceptional items fell to 7.8 million pounds from 8.7 million pounds last year.

Revenue rose 4.3 percent to 91.4 million pounds, while like-for-like sales were up 2 percent.

Topps Tiles shares, which have fallen about 38 percent over the past three months, closed at 49.5 pence on Tuesday on the London Stock Exchange.

Source : Reuters

02 June 2010
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