25 August 2011
Topps Tiles Plc
Trading Update
Topps Tiles Plc (the "Group"), the UK's largest tile and wood flooring specialist, reports on trading for the seven weeks ended 20th August 2011.
At the Q3 IMS announced on 13th July 2011, the Group reported that for the 13 weeks of the third financial quarter overall revenues declined by 1.9% on a like-for-like basis.
Over the first seven weeks of the fourth financial quarter, the Group revenues have declined by 10.4% on a like-for-like basis. Based on these trading levels management believes the full year earnings are likely to be below the current range of analysts' estimates. We consider that a decline in consumer confidence is the key driver for this recent performance.
Management will continue to push forwards with the strategy previously outlined in order to protect and grow our market leading position. This will include driving gross margin gains through increased direct sourcing, further developing the customer offer, growing our store estate and continuing to invest in marketing the best range of tiles in the UK. We will also maintain our focus on prudent cost controls and improving operational efficiencies wherever possible.
A full update on trading for the year ended 30 September 2011 will be made as usual in the year end, pre-close trading update on Tuesday 27 September 2011.
Enquiries:
Topps Tiles Plc
Matthew Williams, Chief Executive Officer
Rob Parker, Finance Director 0161 486 2400
Pelham Bell Pottinger
Emma Kent / Rosanne Perry / Duncan Mayall 020 7861 3232
This information is provided by RNS
