Last checked at 6 Jul 2016 07:00
6 July 2016
Topps Tiles Plc
Q3 Trading Update
Trading
Topps Tiles Plc (the "Group"), the UK's largest tile specialist, announces a trading update for the 13 week period ending 2 July 2016.
Like-for-like revenues for the 13 week period increased by 6.2% (2015: 6.0%)
Analysis of LFL sales by quarter
Q1 | Q2 | First Half | Q3 | |
FY 2016 | +4.4% | +4.9%1 | +4.7% | 6.2%1 |
FY 20152 | +5.2% | +5.2% | +5.2% | 6.0% |
1 LFL sales growth was impacted by the earlier Easter in 2016. We estimate this decreased reported LFL sales growth in Q2 by c.0.6% and increased Q3 reported LFL sales growth by the same amount.
2 Prior year numbers have been restated on a consistent reporting week basis due to the inclusion of a 53rd week in H2 FY2015.
Strategic Progress
We continue to make good progress with our strategy of "Out-Specialising the Specialists", with specific initiatives in the period including:
· | Inspiration - during the period we launched a new personalised digital brochure service that enables customers to create a bespoke brochure with content specific to the rooms and designs that they are interested in. Once completed online, the brochure is emailed to the customer for their further consideration. Customer response has been strong with around 1,000 personalised brochures being created every week. |
· | Range - during the quarter we have launched several new ranges that continue to provide customers with a natural 'look' - including stone and wood effect in a plank style format. Our exit of real wood flooring is almost complete and this has created space for new product such as our XL format range of tiles which are bigger than 60cm x 60cm. Sales from recently launched lines accounted for 8.8% of total sales in the period. |
· | Convenience - in the core estate we opened 6 stores during the quarter. The group is currently trading from 348 stores including 15 Boutique stores (2015: 346 stores including 11 Boutique stores). |
Matthew Williams, Chief Executive Officer, 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."
- Ends -
Enquiries:
Topps Tiles Plc | 0116 282 8000 |
Matthew Williams, Chief Executive Officer | |
Rob Parker, Chief Financial Officer | |
Citigate Dewe Rogerson | 020 7638 9571 |
Kevin Smith / Nick Hayns |
Note to editors
Topps Tiles Plc is the UK's largest specialist supplier of tiles and associated tools and accessories, targeting the UK domestic refurbishment market and serving a retail and trade customer base from 348 stores nationwide.
Since opening its first store in 1963, Topps has maintained a simple operating philosophy - inspiring customers with unrivalled product choice and providing exceptional levels of customer service.
This focus has established Topps as market leader in the UK, and underpins its successful strategy of growing profitable sales.
For further information, please visit www.toppstiles.co.uk/media-centre/investors.asp