Topps Tiles PLC Q1 Trading Statement (7201T)

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

END

TSTUKSNRBAAARAR

(END) Dow Jones Newswires

January 10, 2017 02:00 ET (07:00 GMT)