Topps Tiles has good Q3 and stays on track for full year

2nd Jul 2014 07:41

DIY retailer Topps Tiles reported upbeat trading in the third quarter and said it was on track to hit annual targets.Topps, which has 330 shops, said like-for-like revenues in the 13 weeks to June 28th increased 6.3% after falling 1.5% in the same quarter last year."The third quarter performance is in line with management's expectations and we remain comfortable with market expectations for the year as a whole," it said in a trading update.Chief Executive Matthew Williams said improving markets and good products and service had helped Topps to keep up the like-for-like sales momentum of the first seven weeks of the second half in the third quarter. "We firmly believe Topps is continuing to grow ahead of the overall tile market," he said."Whilst consumer sentiment remains favourable, this performance primarily reflects the focus we have placed on profitable market share gains. We remain optimistic about trading conditions for the remainder of the year." The company added that it had refinanced its loans to May 2019. PW