Topps Tiles shrugs off Brexit anxiety to post 6.2% sales jump
Too early to say if EU referendum vote will have negative impact on business, Topps CEO cautions.
Topps Tiles has reported increased sales growth in the three months to 2 July, despite the uncertain economic climate created by the EU referendum. Like-for-like sales, which exclude new store openings, were up 6.2% year-on-year in the third quarter, compared to a 4.9% increase in the previous three months.
The company said a new personalised digital brochure service launched during the quarter helped boost sales, with nearly 1,000 brochures being created every week.
Several new ranges of tiles, including stone and wood effect in a plank style format, accounted for nearly 9% of sales during the period.
Topps chief executive Matthew Williams said: "Our focus on the successful strategy of 'out specialising the specialists' has enabled us to deliver healthy like-for-like sales growth of 6.2% in the third quarter, with initiatives to extend the appeal of the Topps brand continuing to attract new customers.
"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."
Topps, the UK's largest tile and wood flooring retailer, opened six new stores during the quarter, bringing the total number of nationwide outlets to 348, including 15 boutique stores.
Its share price opened 2.4% higher in London following the news.
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