2nd Jul 2014 08:16
LONDON (Alliance News) - Tiles retailer Topps Tiles PLC Wednesday said like-for-like revenue rose in its fiscal third quarter and it remains comfortable with market expectations for the year as a whole thanks to a continuing improvement in customer sentiment.
In a statement, the UK's largest tile retailer said like-for-like revenue was up 6.3% in the 13 weeks to June 28, compared with the 1.5% decrease it had reported a year earlier.
The company was hit by the economic downturn that followed the financial crisis, but has been reporting improving customer confidence this year as the UK economy has recovered strongly.
However, the third-quarter like-for-like revenue growth was a slowdown from the first half of its financial year, when it had reported 10% growth.
"We firmly believe that Topps is continuing to grow ahead of the overall tile market. Whilst consumer sentiment remains favourable, this performance primarily reflects the focus we have placed on profitable market share gains," Chief Executive Matthew Williams said in a statement.
"We remain optimistic about trading conditions for the remainder of the year," he added.
Topps Tiles shares were up 1.2% at 105.5 pence Wednesday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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