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Topps Tiles reports a 6.3% rise in Q3 LFL sales

Topps Tiles Plc (the "Company"), the UK's largest tile specialist, reports on trading for the 13 weeks ended 28 June 2014.

Like-for-like revenues for the third quarter increased by 6.3% (2013: decrease of 1.5%).

The third quarter performance is in line with management's expectations and we remain comfortable with market expectations for the year as a whole.

Topps is currently trading from a total of 330 stores.

Matthew Williams, Chief Executive Officer, said: "The like-for-like sales momentum we reported for the first seven weeks of the second half has been maintained for the third quarter as a whole.

"We firmly believe that Topps is continuing to grow ahead of the overall tile market. Whilst consumer sentiment remains favourable, this performance primarily reflects the focus we have placed on profitable market share gains, with Topps' authoritative range, outstanding service, multichannel convenience and value for money offering a compelling proposition to customers.

"We remain optimistic about trading conditions for the remainder of the year."

The Company has now successfully completed the refinancing of its loan facilities through to May 2019. There have been no other significant or unexpected changes in the financial position of the Group since the publication of the Interim Report for the 26 weeks ended 29 March 2014.

Source : Topps Tiles

02 July 2014

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