Topps enjoys higher than expected demand
Topps Tiles has seen sales rebound since stores re-opened and it has reported that social distancing is not causing problems.
Average weekly sales have jumped from £800,000 in April to £3.3m in June. Sales last week reached £3.9m, 5.4% below 2019. However, June’s average weekly sales were still a fifth lower than a year ago.
The chain says social distancing has not been a significant constraint due to relatively low footfall and availability of space in-store.
Consumer demand has been higher than management expected.
‘I am pleased with the resilience shown by the business through this period and I would like to thank colleagues across the group for their hard work and dedication which ensured that, by the end of June, all Topps stores were back open and serving our customers safely,’ says Rob Parker, Topps Tiles chief executive.
‘The group has demonstrated its resilience, with revenues ahead of our expectations, and we have strengthened our financial liquidity through the sale and leaseback of our central warehouse and head office facility. Looking ahead, from our market leading position and with a firm financial footing, Topps is well-positioned as the economy begins to recover.’