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Topps Tiles swings to first-half profit; expects 'much improved' second half
StockMarketWire.com
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Flooring retailer Topps Tiles swung to a first-half profit after sales improved in the first quarter, but fell again in the second quarter due to lockdowns.
Pre-tax profit for the six months through March amounted to £4.0 million, compared to year-on-year losses of £3.2 million.
Revenue fell 2.8% to £103.2 million, with like-for-like sales having jumped 19.9% in the first quarter but fallen 17.3% in the second.
Topps Tiles did not declare an interim dividend.
The company said its stores re-opened to all customers on 12 April and that its sales and margins 'are now recovering strongly'.
Retail like-for-like sales were up 16.8% on a two-year basis in the five weeks since re-opening.
'In another reporting period dominated by the impacts of Covid-19, Topps has once again shown its flexibility and resilience,' chief executive Rob Parker said.
'We are confident of a much-improved performance in the second half and believe the group remains well positioned to take advantage of an expected increase in consumer spending as we focus on our market share goal of '1 in 5 by 2025'.'
At 8:46am: (LON:TPT) Topps Tiles PLC share price was 0p at 47p
Story provided by StockMarketWire.com
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