Topps Tiles PLC Q1 Trading Statement (7201T)
January 10 2017 - 1:00AM
UK Regulatory
TIDMTPT
RNS Number : 7201T
Topps Tiles PLC
10 January 2017
10 January 2017
Topps Tiles Plc
Q1 Trading Statement
Topps Tiles Plc ("Topps" or the "Company"), the UK's largest
tile specialist, announces a trading update for the 13 weeks ended
31 December 2016.
Like-for-like revenues for the first 13 weeks of the current
financial year increased by 0.3%(1) .
Topps ended the quarter with a total of 356 stores.
(1) Quarter 1 includes one additional trading day due to the
timing of public holidays which we estimate will have increased LFL
sales growth in the quarter by c.0.6%. This effect will reverse
during the second quarter
Strategic Progress
We continue to invest in the business and make good progress
with our strategy of "Out-Specialising the Specialists", with
specific initiatives in the period including:
-- Inspiration - during the period we saw
the early results from the expanded trade
rewards+ loyalty programme. We now have
24,000 participating traders and approximately
two thirds of trade sales are linked
to the scheme.
-- Range - following the exit from low margin
real wood flooring in 2016 our enhanced
wood effect tile ranges continue to deliver
strong growth and the newly launched
XL ranges are trading ahead of initial
expectations.
-- Convenience - we opened five new stores
in the core estate during the quarter.
The Group is currently trading from 356
stores, including 15 Boutique stores
(2016: 340 stores including 13 Boutique
stores). We expect to open c.15 new stores
in the current financial year.
-- People - we have now launched our new
employer brand campaign which we believe
will increase our attractiveness to new
candidates and also help to increase
retention of all colleagues.
Matthew Williams, Chief Executive Officer, said:
"We experienced softer trading conditions during the first
quarter but we remain confident that we have continued to
outperform the overall tile market. Against this background, our
proven strategy, well-invested business and market leading
position, leave Topps well-placed for further market share gains in
the year ahead."
Topps will hold its Annual General Meeting on 26 January 2017.
In line with previous practice, no further update on trading will
be given at this point.
The Company will announce a trading update for the 26 weeks
ended 1 April 2017 on 4 April 2017.
- Ends -
Enquiries:
Topps Tiles Plc
Matthew Williams, Chief Executive 0116 282
Officer 8000
Rob Parker, Chief Financial Officer
Citigate Dewe Rogerson
020 7638
Kevin Smith / Nick Hayns 9571
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 356 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.
For further information, please visit
www.toppstiles.co.uk/media-centre/investors.asp
This information is provided by RNS
The company news service from the London Stock Exchange
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January 10, 2017 02:00 ET (07:00 GMT)