Topps Tiles PLC Q1 Trading Update (2726B)
January 09 2018 - 2:00AM
UK Regulatory
TIDMTPT
RNS Number : 2726B
Topps Tiles PLC
09 January 2018
9 January 2018
Topps Tiles Plc
Q1 Trading Update
Trading
Topps Tiles Plc (the "Group"), the UK's largest tile specialist,
announces a trading update for the 13 week period ended 30 December
2017.
Like-for-like revenues for the first 13 weeks of the current
financial year increased by 3.4% (2017: +0.3%).
The Group ended the period with 371 stores, having closed a net
one store during the quarter.
Strategic Progress
We continue to invest in the business and to make good progress
with our core strategy of "Out-Specialising the Specialists" to
extend our market leading position in the domestic tile market.
Specific strategic progress in the period includes:
-- Differentiated products now account
for almost 90% of our tile sales and
are key to our ability to generate market
leading gross margins.
-- Further competitive advantage created
through investment in our inspirational
service offering. Record customer service
scores and levels of conversion underpinned
a strong outperformance of the UK tile
market during the period.
-- We have completed the refit of eight
pilot stores ahead of our two year all
store improvement programme.
In parallel with our growth strategy for our core domestic
business, we are progressing the development of a new division
targeting the commercial tile market. Building on the acquisition
of Parkside Ceramics in September 2017, we are investing in the
capabilities necessary for future growth. The Parkside commercial
offer was launched at the 100% Design trade show in October and our
first commercial showroom opened in Chelsea in December.
Matthew Williams, Chief Executive Officer, said: "The Group has
made an encouraging start to the new financial year with
like-for-like sales in Q1 up by 3.4%. We believe this represents an
outperformance of the overall tile market in the period, reflecting
the continued success of our strategy of "Out-specialising the
Specialists" and some further measured investment in both our trade
and retail offer during the period. Our expansion into the
commercial market is also progressing to plan, with the first
investments made in the Parkside business adding new capabilities
and resource. While we are pleased with the like-for-like sales
growth achieved in Q1, we are retaining our prudent view of market
conditions for the year ahead."
Topps Tiles will hold its Annual General Meeting on 31 January
2018. In line with previous practice, no further update on trading
will be given at this point.
The Company will announce a trading update for the 26 weeks
ended 31 March 2018 on 4 April 2018.
- 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 371 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.
In 2017 Topps identified the UK commercial tile market, which is
almost as large as the domestic market but which the Group had only
previously served in a limited way, as an important source of
future growth. Parkside Ceramics, a small commercial tile
specialist, was acquired in September 2017 and has formed the basis
for the Group's new commercial tile division.
For further information, please visit
http://www.toppstilesplc.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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