Tile specialist Topps Tiles has reported a record year for sales albeit experiencing a weaker final quarter as consumer confidence levels dropped.
According to its latest trading update for the 52 weeks ended 1 October 2016, Topps said that it expects revenues to be in the region of £215m, up by 1.3% from £212.2m (over 53 weeks) last year, with like-for-like sales expected to be up by 4.2%, compared to 5.4% growth in 2015.
Furthermore, Topps said that like-for-like revenues in the 13 weeks ended 1 October 2016 were ahead by 1.4%, whilst estimating that its decision to exit from its wood flooring category would of reduced Q4 like-for-like sales by around 1.5% - adding that this impact would reduce over Q1 in FY2017 with new range sales building.
Additionally, adjusted pre-tax profits for the year are expected to be ‘within the range of current market estimates’, with forecasts for the 52 week period ranging between £22m to £22.7m, with a consensus of £22.3m.
Topps, which has been established since 1963, confirmed five new store openings during the quarter, bringing its total estate to 351 across the UK.
Matthew Williams, chief executive, said: “I am pleased to report on a successful year for Topps, where we grew sales to a new record, through our proven strategy of ‘Out Specialising the Specialists’.
“Whilst market conditions weakened over the final quarter as a result of reduced levels of consumer confidence we remain confident in our ability to outperform the market and deliver our goal of further profitable sales growth.”
Topps Tiles said it would report its final results for the 52 week period ended 1 October 2016 next month.