Topps Tiles said on Wednesday that its sales had continued to fall as challenging market conditions had persisted into the second half of its fiscal year.
The tile specialist reported group sales in the third quarter were down 6.9% year-on-year, and 6.2% lower in the 39 weeks to June 29.
It said that “market conditions have remained challenging overall, with subdued demand in the domestic repair, maintenance and improvement (RMI) sector, especially for bigger ticket projects”.
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As such, like-for-likes at Topps Tiles were down 9.7% year-on-year in the third quarter, similar to the 9.2% drop in the first half.
The retailer said that sales levels had stabilised through the quarter, with sales to trade customers continuing to be “more resilient than sales to homeowners”.
Despite the weaker performance, Topps Tiles said it was “continuing to take market share” and is “well-positioned” to benefit from the positive macroeconomic data on inflation and improving consumer confidence.
It noted that while it waits for the recovery to pass through, it is progressing with the self-help opportunities under its Mission 365 strategy, “which will deliver significant medium-term benefits to both sales and profits”.
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