6th Jan 2016 07:35
LONDON (Alliance News) - Tiles and flooring retailer Topps Tiles PLC on Wednesday said its like-for-like revenue rose in the first quarter, albeit at a slower pace than a year earlier.
Topps Tiles said its like-for-like revenue growth in the 13 weeks to January 2, its financial first quarter, was 4.4%, compared to 5.2% a year earlier.
The company said it opened its second 'lab store' in Shoreditch in east London in the quarter, offering a range of new display and merchandising offerings from the company, and launched 17 new ranges. It is now trading from a total of 340 stores, including 13 boutique stores, up from 336 stores a year earlier, which included 5 boutique stores.
Topps also said it closed seven clearance stores in the quarter, with the remaining four converted into its core format.
"I am pleased to report an encouraging start to the financial year with like-for-like sales growth of 4.4% in the first quarter. Our strategy of 'Out-Specialising the Specialists' continues to be very effective, and we are confident that our plan for 2016 will see us deliver additional profitable sales growth as we further extend the appeal of the Topps brand," said Matthew Williams, Topps' chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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