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24th November 2017
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Trading tough at Topps but plans to expand continue
At Tuesday's Annual General Meeting of Topps Tiles, Michael Jack, Non-Executive Chairman announced that whilst trading conditions remain tough, the group is going ahead with its plans to open a further five stores this year.
"Trading conditions remained tough throughout our first quarter," he said. "Against this backdrop, like for like revenues across the first 13 weeks of the financial year decreased by 4.2%. In the context of the previously reported 6.9% like for like decline during the first seven weeks of this period we are assured by our performance over the quarter as a whole and encouraged by the progress made in the last six weeks' trading.
"Looking ahead, the Board remain very conscious of the difficult outlook for the consumer in 2012 but we believe that our strategy of offering outstanding value for money combined with exceptional levels of service will continue to deliver the best results for both our customers and our shareholders.
"The Group is currently trading from a total of 320 stores. As stated in the Annual Report, we are pursuing prudent expansion of the store estate and anticipate opening approximately five new stores during this financial year.
"There have been no further significant changes in the financial position of the Group since the publication of the Annual Report and Financials Statements for the 52 weeks ended 1 October 2011."
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13th January 2012