Topps Tiles reiterates outlook despite softer sales

(Sharecast News) - Topps Tiles reiterated full-year profit guidance on Thursday, despite tough trading conditions and soaring temperatures weighing on sales. Updating on trading, the specialist retailer said group revenues fell 1.3% in the year to 26 September, to around £292m, while like-for-like revenues softened 0.1%. The chain said the market had been "challenging", with sales in the fourth quarter hit by the extreme heat.

However, it added that like-for-like sales had improved in the last month of the year, while Pro Tiler Tools, its trade arm, saw revenue spike 18.2% to £42m.

As a result, the group confirmed it remained on track to meet market expectations for annual adjusted pre-tax profits of £6.6m.

As at 0830 BST, shares in the firm were up 2% at 35.4p.

Edison said: "While the year has had external challenges, it is pleasing to see progress on the strategy with revenue boosted by good growth from new product categories, the strengthening of digital proposition and profitability being supported by completion of the self-help programme initiatives to reduce costs and efficiencies."

Topps Tiles, which currently has around 300 outlets, is due to publish full-year numbers on 8 December.

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