Topps Tiles sales growth slows to 1.4%
PUBLISHED: 09:24 05 October 2016 | UPDATED: 09:24 05 October 2016
Topps Tiles has warned of reduced consumer confidence as it posted slowing sales in the fourth quarter.
The tiling and flooring retailer said like-for-like sales during the period rose 1.4%, compared with 6.2% in the previous quarter.
Boss Matthew Williams said: “Whilst market conditions weakened over the final quarter as a result of reduced levels of consumer confidence we remain confident in our ability to outperform the market and deliver our goal of further profitable sales growth.”
Topps still expects to post record annual sales this year.
The retailer said full-year revenues are expected to be about £215m, up from £212.2m in 2015, with profits forecast to come in at between £22m and £22.7m.
Annual like-for-like sales are set to rise 4.2%.
Topps added that its decision to exit from the low margin wood flooring category is expected to see greater sales of larger format tiles.
In May, Topps unveiled an 11% rise in first-half pre-tax profits to £10.1m on sales of £108m.