Topps Tiles retains full-year profit outlook amid sluggish sales

Topps Tiles PLC on Thursday backed full-year profit guidance despite a drop in total sales and a hit from the warm weather in its fourth quarter.

In a trading update, the Leicestershire, England-based tile retailer said revenue, including CTD, was around £292 million for the 52 weeks ended September 26, down 1.3% year on year from £295.8 million.

Topps Tiles acquired CTD Tiles in August 2024. CTD currently trades from 23 stores, down from 31 in the prior year, due to commercial property decisions and the requirement to dispose of four stores following a UK competition investigation.

Excluding CTD, revenue was £267 million, up 0.7% year on year, despite what Topps Tiles called "challenging market conditions".

Full-year like-for-like revenue declined 0.1%, with fourth-quarter trading affected by the warm weather, the firm said. LFL sales picked up in September, the firm added.

The company expects adjusted pretax profit for the full year to be in line with current market expectations.

In July, Topps Tiles forecast full-year adjusted pretax profit to be "above £6.5 million", down from £9.2 million in the previous year, and below prior guidance for "modest" on-year profit growth.

The company said cost savings were supporting profitability, the contribution of online sales as a proportion of total revenue was increasing, and that the integration of Fired Earth was profit accretive in the year.

Shares in the firm traded 2.8% lower at 35.00 pence each in London on Thursday.

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