Topps Tiles Regulatory News (TPT)

10 Jan 2006 07:00

Topps Tiles PLC10 January 2006 10 January 2006 Topps Tiles Plc the UK's largest tile and wood flooring specialist with 249 stores AGM Statement and Trading Update At today's Annual General Meeting of Topps Tiles Plc, Barry Bester, co-founderand Chairman will tell shareholders: "At the full year results announced on 29 November 2005, we reported that forthe first 7 weeks of trading in the new financial period total sales increased1.2% and like for like sales were down 4.7% reflecting the tough UK tradingenvironment. I am pleased to report that, despite a persistently tough retailmarket and extremely demanding comparables of over 15%, trading in the first 13weeks of our new financial period has remained stable with overall turnover upby 1% and like-for-like sales down 4.4%, however gross margins are continuing toimprove. We are now expecting to see some signs of improvement in like-for-likesales as the very high comparatives we experienced throughout the first quarterof the last financial period become less challenging from January 2006 onwards. Our controlled store roll out programme continues and we have a stated target of24 net new stores in this financial period. So far we have opened 5 stores inthe period and have a strong pipeline of sites currently in development. Topps has consolidated its market leading position and with the UK tile marketforecast to increase 26% by 2010, we remain confident that our proven businessmodel and focussed management team, with the shared objective of driving thebusiness forward, will continue to deliver sustainable growth for ourshareholders." Enquiries: Barry Bester, Chairman 01625 446700Nick Ounstead, Chief Executive 01625 446700 Ann-marie Wilkinson/Sarah Landgrebe, Bell Pottinger 020 7861 3232 This information is provided by RNS The company news service from the London Stock Exchange