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31 Jul 2008 07:00
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31Β JulyΒ 2008
Topps Tiles Plc
TheΒ UK's largest tile and wood flooring specialist
InterimΒ ManagementΒ Statement
Topps Tiles Plc (the "Company"), theΒ UK's largest tile and wood flooring specialist, reports on trading for theΒ 17Β weeksΒ endedΒ 26thΒ JulyΒ 2008.Β At theΒ halfΒ year results announced onΒ 28 May 2008, we reported that for the first 6Β weeks of trading in the new financial period total revenues increased 2% and like for like revenues wereΒ down 3.0%Β (-4.5% when adjusting for Easter calendar effects). TradingΒ conditionsΒ in the firstΒ 17Β weeksΒ of our new financial period remain challenging,Β with overall revenueΒ declining by 2.7% (2007: upΒ 14.4%) and like-for-like revenueΒ declining by 7.7%Β (2007:Β up 7.6%).
TheΒ UKΒ showed overall revenueΒ declineΒ ofΒ 2.9% (2007:Β upΒ 13.9%)Β with like-for-like revenueΒ decline ofΒ 7.9% (2007: upΒ 7.7%).
HollandΒ showed overall revenueΒ declineΒ ofΒ 0.7% (2007:Β upΒ 27.2%) with like-for-like revenueΒ decline of 2.9% (2007:Β upΒ 6.2%).
In theΒ UK, we are trading from a total ofΒ 320Β stores, having openedΒ 22Β new stores, and closed or relocatedΒ 3Β this financialΒ year. We remain on track to open a net 20 new stores this financial year.
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InΒ HollandΒ we are trading fromΒ 21Β storesΒ andΒ plan to openΒ 1 moreΒ this financialΒ year.
We announced at the interim results that we would beΒ adjustingΒ the dividend policy with the intention of reducing net debt and improving the Group's financial flexibility. We will continue to review our dividend policyΒ with respectΒ toΒ the full year.
There have been no significantΒ unexpectedΒ changes in the financial position of the Group since the publication of theΒ InterimΒ Report for theΒ half yearΒ endedΒ 29Β March 2008. In addition, we have exchanged contracts for theΒ sale & leasebackΒ of 4 freehold properties for a consideration of Β£4m.
Commenting on trading, Matt Williams, CEO said:
"As we said at our half year results, the retail environment remains challenging. We are, however,Β managing the business prudently, with emphasis onΒ costs and cash. We have a resilient business model and are confident that we canΒ grow market share in theΒ current tough economic climate."
Enquiries:
Antonia Coad /Β Emma Kent
BellΒ PottingerΒ Corporate & Financial 020Β 7861 3232
Matthew Williams, Chief Executive Officer
Rob Parker, Finance DirectorΒ 0161 486 2400
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