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Topps Tiles PLC on Wednesday said third quarter revenue rose despite inflation, lower consumer confidence and supply chain challenges.
Sales in the 13 weeks that ended July 2 were up 9.2% on a year ago, the Leicestershire-based tile retailer said, with average weekly sales per trading store in the quarter up 28% compared with the pre-pandemic 2019 financial year 2019.
Chief Executive Officer Rob Parker commented: ‘Despite the continuing headwinds from lower consumer confidence, supply chain challenges and high inflation, trading remained encouraging and in line with our expectations in the third quarter.’
The company explained: ‘Slightly less than half of this growth is due to the transfer of sales from closed stores as we successfully rationalised our store network with the remainder due to underlying sales growth.’
Regarding its outlook, the firm touted: ‘Within our commercial business, sales continue to grow well despite a subdued market, with year-on-year growth of 26% in the third quarter. We remain confident that the business will break even in the second half of the year and then move into profitability in financial year 2023’.
Topps Tiles shares were 0.5% lower at 40.00 pence each in London on Wednesday morning.
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