(Sharecast News) - Topps Tiles reported a fall in first-quarter sales on Thursday, as cost-of-living pressures continued to dent consumer spending.
In the 13 weeks to 30 December, like-for-like sales were down 7.1%, continuing the trend seen in the first eight weeks, with sales to trade customers more resilient than those to homeowners.
Group sales during the period were 4% lower year-on-year.
Topps said trading in online pure play remains strong, with "significant" year-on -year sales growth, led by Pro Tiler Tools. Meanwhile, the Parkside commercial business is performing in line with its expectations and has been profitable in the year to date.
"As reported in the 2023 full year results, trading in the first quarter reflected the ongoing challenges to discretionary consumer spending, particularly those impacting on businesses serving the repair, maintenance and improvement (RMI) sector," the company said.
"The group's cost base remains well controlled, despite ongoing inflationary pressures, and cash flow remains strong," it added.
Topps reiterated that 2024 profits were set to be weighted towards the second half. The tile specialist said it remains well-positioned to respond to market conditions and expects to have gained further market share in the first quarter.
Topps Tiles (TPT)