Tile retail specialist Topps Tiles has advised that its group revenues to October 2nd stand at £222.5 million, up from £193 million last year, and £200 million from the year prior pre-Covid. In Its trading update the business said: “Supported by a buoyant home improvement market in the UK, this record performance is even more notable given that one quarter of the year included significant trading restrictions and a national lockdown.
“We believe it demonstrates the success of our growth strategy and is a good step towards the achievement of our market share goal of ‘1 in 5 by 2025’
We have invested in higher levels of inventory over the current period, which we believe is a significant competitive advantage in a market which is facing well-documented supply chain challenges.
Topps Tiles, which was founded in 1963, operates 313 stores, seven commercial showrooms, and three trading websites. Chief executive Rob Parker said: “The group has delivered an excellent final quarter and we have achieved a record level of annual revenue, despite operating with trading restrictions for significant parts of the year. These results are testament to the hard work and commitment of our colleagues, and I thank them again for their unwavering dedication and support. Like-for-like sales were strongly ahead of 2019 in the final quarter but were also above the same period in 2020 when our sales bounced back strongly following the first national lockdown. This performance reflects a robust level of consumer demand but also underlines the strength of our growth strategy and the success of initiatives such as our improved value range and investment in our award-winning digital offer. We remain confident on the outlook, against a backdrop of strong demand for DIY products and continued investment into home improvements.”
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