Posted 9th January

Topps Tiles sees drop in revenue in Q1 2018-19

By KBBDaily on 9th January 2019 - 10:23am
materials, money matters, topps tiles, revenue, financial, profit, kbb, kbbdaily

Topps Tiles has reported a 1.4% decrease in revenue in its trading update for the first quarter of the 2018-2019 financial year, marking the 13-week period ending on 29th December 2018, compared with the 3.4% rise seen in the same period the previous year.

The company opened one and closed two stores during the period, and is now trading from 367 stores. It added that it is “on track” to open two new showrooms during the second quarter.

Topps Tiles said that its priorities are “profitable sales growth and tight control of costs”, as well as “efficient conversion of trading revenues into free cash flow”.

“Against a challenging market backdrop and a strong period of performance in the prior year we believe the business has performed robustly over the first quarter,” said Topps Tiles CEO Matthew Williams.

“We remain excited by both the opportunity for profitable growth that our expansion into commercial segment will bring and the continued opportunity to further strengthen our market leading position overall.”

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