6th Jul 2016 07:09
LONDON (Alliance News) - Topps Tiles PLC on Wednesday reported growth in like-for-like sales in the third quarter of its financial year as it made good progress with its strategy to "out-specialise the specialist".
The tile retailer said like-for-like revenue in the 13 weeks ended July 2 grew by 6.2% year-on-year, helped by its new strategy but also by the earlier timing of Easter. Topps Tiles estimates that the earlier Easter would have boosted third-quarter sales by 0.6%.
Topps Tiles said it continues to make good progress with its strategy to "out-specialise the specialists". During the quarter, it launched a new personalised digital brochure service that enables customers to create a bespoke brochure with content specific to the rooms and designs they are interested in. Around 1,000 personalised brochures are being created every week, Topps Tiles said.
The retailer also launched several new 'natural-look' ranges in the quarter, such as stone and wood effect, as well as an XL format range of tiles. Sales from recently-launched lines accounted for 8.8% of total sales in the quarter.
Finally, Topps Tiles opened six stores during the quarter, taking its total store estate to 348, including 15 boutique stores.
"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," Chief Executive Matthew Williams said in a statement.
Shares in Topps Tiles were trading up 2.4% at 103.92 pence at the open on Wednesday.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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