Topps Tiles Plc, a retailer specialising in tiles and flooring, has reported a sales decline yet continues to outperform the market. In its latest trading update for the 52-week period ending September 28, 2024, total sales reached approximately £248 million, down 5.7% from last year's record of £263 million and consistent with figures from September 2022.
The company noted a challenging trading environment throughout the year, with persistent weak demand in the domestic Repair, Maintenance, and Improvement (RMI) sector, particularly for larger projects.
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Topps estimates that the market has declined by 10-15% year-on-year, indicating that it has still managed to outperform broader market trends. Like-for-like sales dropped 8.2% year-on-year in the fourth quarter and 9.1% for the full year, although sales to trade customers proved more resilient than those to homeowners.
In August, Topps acquired the CTD Tiles brand, certain assets, and 30 stores for £9 million. However, following an initial inquiry from the Competition and Markets Authority (CMA), the CMA announced a review of the acquisition under UK merger control. An initial enforcement order has been served, requiring Topps to maintain separate operations for the CTD business during the CMA review.
Source: www.bigfurnituregroup.com