31 March 2010
Topps Tiles Plc
Pre-close period Trading Update
Topps Tiles Plc (the "Group"), the UK's largest tile and wood flooring specialist, reports on trading for the 27 week period ended 3 April 2010, prior to entering its close period. The Board will announce interim results for the 27 week period to 3 April 2010 on Wednesday 2 June 2010.
We expect to report that overall UK revenues for the first half will be in the region of £91.5 million (2009: £87.61 million), a 4.5% increase. When restated on a same reporting week basis the total revenue increase will be in the region of 0.4%. Revenues from like-for-like UK stores are expected to show an increase of 2.1% (2009: decline of 18.5%).
The Group is currently trading from a total of 309 stores in the UK, having opened 3 during the first 27 weeks and closed 3 during the same period. We will continue to maintain a prudent approach to expansion of the store estate, only considering those opportunities that really complement our existing portfolio.
Commenting on trading, Matt Williams, CEO said:
"In our most recent statement we expressed our cautious approach towards the outlook for the economy during 2010. The results across the first half of the year demonstrate that levels of consumer confidence remain unstable and trading patterns during the second quarter have been subdued. We have a resilient business model and we are satisfied with the performance of the Group to date. We will continue to manage the business prudently with a consistent focus on excellent customer service and value for money."
1 Adjusted to reflect UK only sales
Enquiries:
Emma Kent / Duncan Mayall
Pelham Bell Pottinger 020 7861 3232
Matthew Williams, Chief Executive Officer
Rob Parker, Finance Director 0161 486 2400
This information is provided by RNS
