Sales have dipped at Topps Tiles, the Leicestershire-based tile specialist, according to a trading update for the 13-week period ended 30 December 2023.
Trading in the first quarter reflected ongoing challenges to discretionary consumer spending, particularly those impacting on businesses serving the Repair, Maintenance and Improvement (RMI) sector. Group sales in the 13 weeks ended 30 December were 4% lower year on year.
Like-for-like sales in Topps Tiles were down 7.1% in the first quarter, with sales to trade customers more resilient than to homeowners. Trading remains strong, however, in Online Pure Play, with significant year on year sales growth, led by Pro Tiler Tools. The Group’s Parkside commercial business, meanwhile, is performing in line with expectations and is profitable in the year to date.
Based on factors including the timing of the holiday pay accrual, higher energy usage in H1 and trading in the first part of the year, the Group’s profits in 2024 are expected to be weighted towards the second half.
The business said: “The Group remains well-positioned to respond to market conditions and we expect to have gained further market share in the first quarter, driven by our world-class customer service, market-leading brands and specialist expertise, and supported by our strong balance sheet. We remain excited about the opportunities for Topps Group over the medium term.”
