Topps Tiles reiterates full-year outlook on 'robust' third quarter

5th Jul 2023 07:40

(Sharecast News) - Topps Tiles reiterated its full-year guidance on Wednesday on the back of solid third-quarter trading.

The tile specialist said total sales rose 4.4% in the third quarter, with sales up 7.6% in the 39 weeks to 1 July.

On a like-for-like basis, third-quarter sales rose 2.5% and by 3.7% in the year to date.

Gross margins also continued to improve, as inflationary pressures on the cost of goods and shipping reduced.

As a result, Topps said it remained confident that adjusted pre-tax profits in the second half would be "materially" higher than the first half, leaving it on track to meet market expectations for the year as a whole.

Analysts currently expect the retailer to post adjusted full-year pre-tax profits in the range of £11.3m to £12.3m.

Rob Parker, chief executive, said: "We are pleased to be reporting a continued to robust performance in the third quarter, led by Topps Tiles and Pro Tiler Tools, and the successful implementation of a business improvement plan at Parkside.

"We are confident that our core strengths of leading brands, world class customer service, specialist expertise and a strong balance sheet will enable us to continue to deliver value for all our stakeholders."