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Topps Tiles reports LFL decline in Q3

Topps Tiles Plc (the "Company"), the UK's largest tile specialist, reports on trading for the 13 weeks ended 29 June 2013.

Like-for-like revenues across the full 13 weeks of the third quarter decreased by 1.5% (2012: increase of 2.1%).

The result for the third quarter is in line with management's expectations and, as we enter the final quarter, we remain comfortable with market expectations for the year as a whole(1).

The Company is currently trading from a total of 320 stores.

There have been no significant or unexpected changes in the financial position of the Group since the publication of the Interim Report for the half year ended 30 March 2013.

Matthew Williams, Chief Executive Officer, said: "Trading in the period since our last update five weeks ago has been more encouraging, with like-for-like sales during June returning to year on year growth. Our performance for the third quarter as a whole has been as expected and our programme of self-help initiatives and cost reduction measures remains on track as we enter the final three months of the year."

(1) The current range of analysts' estimates for adjusted pre-tax profit for the year ended 28 September 2013 is £12.3m to £13.5m, with a consensus of £12.6m.

Source : Topps Tiles

02 July 2013
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