Decline in Sales for Topps Tiles
The largest specialists of tiles and wood flooring, who are also able to offer advice about everything relating to wood flooring such as floorboard sanding, Topps Tiles, are suffering from a fall in sales. The company has reported a decline in revenue of no less than 1.6% during its third quarter period. In the 13 weeks leading up to and including the 1st July, the company has seen like for like revenues fall by 1.9% on a year on year basis.
“At the half year results announced on 1st June 2011, we reported that for the first seven weeks trading of our third financial quarter, overall Group revenues declined by 2.1 percent on a LFL basis” Topps Tiles reported in a statement. “Trading during the remainder of the quarter has continued to be subdued with LFL revenues across the 13 weeks having declined by 1.9 percent (2010: down 1.2 percent).” The company added that its business would continue to concentrate on achieving the efficiencies necessary to drive imported gross margins that would help to offset part of the impact of the current challenging environment.
Despite the falling sales, the company claims that it has actually increased its overall share of the market in the course of the past year and that it is intending to continue its plans to expand the number of stores that it has across the whole of the United Kingdom from the current 313 to 320 by the end of the 2011 financial year.