Topps Tiles PLC Q2 Trading Update (2792U)
April 06 2016 - 2:00AM
UK Regulatory
TIDMTPT
RNS Number : 2792U
Topps Tiles PLC
06 April 2016
Topps Tiles Plc
Q2 Trading Update
Trading
Topps Tiles Plc (the "Group"), the UK's largest tile specialist,
announces a trading update for the 26 week period ending 2 April
2016. The Board will announce interim results for the period on 24
May 2016.
Total revenues for the 26 week period were GBP108.0 million
(2015: GBP104.0 million). Like-for-like revenues for the 26 week
period increased by 4.7%.
Analysis of LFL sales by quarter
Q1 Q2 First Half
------------ ------ --------- -----------
FY 2016 +4.4% +4.9%(1) +4.7%
------------ ------ --------- -----------
FY 2015(2) +5.2% +5.2% +5.2%
------------ ------ --------- -----------
(1) Q2 LFL sales growth in FY16 was impacted by the earlier
Easter which fell within the first half this year. We estimate this
reduced LFL sales growth in the quarter by c.0.6% and by c.0.3%
over the half year.
(2) Prior year numbers have been restated on a consistent
reporting week basis due to the inclusion of a 53(rd) week in H2
FY2015.
Strategic Progress
We continue to make good progress with our strategy of
"Out-Specialising the Specialists", with specific initiatives in
the period including:
-- Inspiration - during the period we completed
the roll out of new inspirational wall displays
which have replaced third party stands and
will make the full range of products easier
for customers to shop. These also give us
the flexibility to move displays within
the store which will help drive efficiency
in the store operation.
-- Range - during the quarter we have launched
17 new tile ranges; with sales from lines
launched in the last 12 months accounting
for 8.7% of sales. We have recently launched
our new Spaces(TM) porcelain tile range,
which enables the seamless flow of tiles
from indoor to outdoor using an 'easy to
fit' technology innovation called Serafoam(R)
which is produced exclusively for Topps
(http://www.toppstiles.co.uk/spaces)
-- Convenience - In the core estate we opened
four stores and closed two units during
the quarter. The group is currently trading
from 342 stores including 13 Boutique stores
(2015: 340 stores including 4 Boutique stores).
Matthew Williams, Chief Executive Officer, said: "I am pleased
to report that the Group has continued its encouraging trading
performance, with like-for-like sales growth accelerating to 4.9%
in the second quarter. Our strategy of 'Out-Specialising the
Specialists' is continuing to deliver profitable sales growth and
we enter the second half of our financial year in good shape,
confident that our plans to extend the appeal of the Topps brand
will underpin our further progress."
- Ends -
Enquiries:
0116 282
Topps Tiles Plc 8000
Matthew Williams, Chief Executive Officer
Rob Parker, Chief Financial Officer
020 7638
Citigate Dewe Rogerson 9571
Kevin Smith / Nick Hayns
Note to editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles
and associated tools and accessories, targeting the UK domestic
refurbishment market and serving a retail and trade customer base
from 342 stores nationwide.
Since opening its first store in 1963, Topps has maintained a
simple operating philosophy - inspiring customers with unrivalled
product choice and providing exceptional levels of customer
service.
This focus has established Topps as market leader in the UK, and
underpins its successful strategy of growing profitable sales.
For further information, please visit
www.toppstiles.co.uk/media-centre/investors.asp
This information is provided by RNS
The company news service from the London Stock Exchange
END
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