Topps to beat profit forecasts
An upturn in like for like sales will see Topps Tiles make better than expected profits
The 370 store chain saw like for like sales rise by 1.2% in the quarter to 29 September, in contrast to a fall the previous quarter. This helped it to flat like for like sales for the year. Sales are expected to be about £215m.
As a result of the improved performance the company sys it expects profits to be slight ahead of analysts’ forecasts to £15.2m.
‘I am pleased to report an improvement in trading over the final quarter which has enabled the group to post a full year sales result which is slightly ahead of the top end of market expectations and which represents an outperformance of the overall tile market. Our core Topps Tiles business is a well invested, cash generative market leader with a proven strategy and we continue to make good progress with our expansion into the commercial segment of the UK tile market which will be an important source of future growth for the group,’ said Matthew Williams, Topps Tiles ceo.