Topps Tiles PLC Q3 Trading Update (3268D)
July 06 2016 - 2:00AM
UK Regulatory
TIDMTPT
RNS Number : 3268D
Topps Tiles PLC
06 July 2016
6 July 2016
Topps Tiles Plc
Q3 Trading Update
Trading
Topps Tiles Plc (the "Group"), the UK's largest tile specialist,
announces a trading update for the 13 week period ending 2 July
2016.
Like-for-like revenues for the 13 week period increased by 6.2%
(2015: 6.0%)
Analysis of LFL sales by quarter
Q1 Q2 First Half Q3
------------ ------ --------- ----------- --------
FY 2016 +4.4% +4.9%(1) +4.7% 6.2%(1)
------------ ------ --------- ----------- --------
FY 2015(2) +5.2% +5.2% +5.2% 6.0%
------------ ------ --------- ----------- --------
(1) LFL sales growth was impacted by the earlier Easter in 2016.
We estimate this decreased reported LFL sales growth in Q2 by
c.0.6% and increased Q3 reported LFL sales growth by the same
amount.
(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 launched
a new personalised digital brochure service
that enables customers to create a bespoke
brochure with content specific to the
rooms and designs that they are interested
in. Once completed online, the brochure
is emailed to the customer for their further
consideration. Customer response has been
strong with around 1,000 personalised
brochures being created every week.
-- Range - during the quarter we have launched
several new ranges that continue to provide
customers with a natural 'look' - including
stone and wood effect in a plank style
format. Our exit of real wood flooring
is almost complete and this has created
space for new product such as our XL format
range of tiles which are bigger than 60cm
x 60cm. Sales from recently launched lines
accounted for 8.8% of total sales in the
period.
-- Convenience - in the core estate we opened
6 stores during the quarter. The group
is currently trading from 348 stores including
15 Boutique stores (2015: 346 stores including
11 Boutique stores).
Matthew Williams, Chief Executive Officer, said: "Our focus on
the successful strategy of 'Out Specialising the Specialists' has
enabled us to deliver healthy like-for-like sales growth of 6.2% in
the third quarter, with initiatives to extend the appeal of the
Topps brand continuing to attract new customers. While it is
currently too early to ascertain the implications of the result of
the UK referendum, we remain confident in the longer term outlook
for our business and in our ability to outperform the market."
- Ends -
Enquiries:
Topps Tiles Plc 0116 282 8000
Matthew Williams, Chief Executive
Officer
Rob Parker, Chief Financial Officer
Citigate Dewe Rogerson 020 7638 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 348 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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