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Topps Tiles reports 6.2% rise in Q3 LFL sales

Topps Tiles Banbury 725 x 500

Topps Tiles Plc (the "Group"), the UK's largest tile specialist, announces a trading update for the 13 week period ending 2 July 2016.

Like-for-like revenues for the 13 week period increased by 6.2% (2015: 6.0%)

Analysis of LFL sales by quarter:

 Q1Q2First HalfQ3
FY 2016+4.4%+4.9%1+4.7%6.2%1
FY 20152+5.2%+5.2%+5.2%6.0%

1 LFL sales growth was impacted by the earlier Easter in 2016. We estimate this decreased reported LFL sales growth in Q2 by c.0.6% and increased Q3 reported LFL sales growth by the same amount.

2 Prior year numbers have been restated on a consistent reporting week basis due to the inclusion of a 53rd week in H2 FY2015.

Strategic Progress

We continue to make good progress with our strategy of "Out-Specialising the Specialists", with specific initiatives in the period including:

Inspiration - during the period we launched a new personalised digital brochure service that enables customers to create a bespoke brochure with content specific to the rooms and designs that they are interested in. Once completed online, the brochure is emailed to the customer for their further consideration. Customer response has been strong with around 1,000 personalised brochures being created every week.

Range - during the quarter we have launched several new ranges that continue to provide customers with a natural ‘look' - including stone and wood effect in a plank style format. Our exit of real wood flooring is almost complete and this has created space for new product such as our XL format range of tiles which are bigger than 60cm x 60cm. Sales from recently launched lines accounted for 8.8% of total sales in the period.

Convenience - in the core estate we opened 6 stores during the quarter. The group is currently trading from 348 stores including 15 Boutique stores (2015: 346 stores including 11 Boutique stores).

Matthew Williams, Chief Executive Officer, said: "Our focus on the successful strategy of ‘Out Specialising the Specialists' has enabled us to deliver healthy like-for-like sales growth of 6.2% in the third quarter, with initiatives to extend the appeal of the Topps brand continuing to attract new customers. While it is currently too early to ascertain the implications of the result of the UK referendum, we remain confident in the longer term outlook for our business and in our ability to outperform the market."

Click the links below to find out more about Topps Tiles' recent performance:

Topps Tiles half year trading update 
Topps Tiles reports 4.7% rise in half-year LFL sales 
Topps Tiles interim results presentation 

Analyst View:

Connor Campbell, a senior market analyst at gave us his view on the results: 

"With a 6.2% jump in like-for-like sales in the third quarter things were looking, well, top for Topps Tiles. Yet the stock plunged nearly 5% as Wednesday went on, investors insufficiently reassured by the company’s claim that it is too soon to ascertain the impact of the Brexit. The post-update reaction to Topps Tiles update reflects just how difficult it is going to be for UK businesses in this earnings season, with solid figures not necessarily enough to please fearful investors."

 Source : Topps Tiles 

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06 July 2016

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