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Topps Tiles sales slip as UK lockdown bites
StockMarketWire.com
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Flooring retailer Topps Tiles said its first-half sales fell 2.4% in what it described as a 'resilient performance against a challenging backdrop'.
Revenue for the six months through 27 March fell to £103.6 million, down from £106.2 million year-on-year, though on a like-for-like basis it grew 2.0%.
Retail revenue had jumped 20% in the first 13 weeks of the financial year but dropped 17% in the second quarter after the UK introduced its third national Covid-19 lockdown.
'As trading restrictions lift by the middle of April, we expect a sharp increase in sales, with margins recovering to more normal levels,' Topps Tiles said.
Commercial sales in the first half fell 10% as the lockdown hurt customers including restaurants and bars.
'We are looking forward to the lifting of lockdown restrictions in April and are concentrating on being well prepared for the return of all customers to our stores,' chief executive Rob Parker said.
Story provided by StockMarketWire.com
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