Tile specialist, Topps Tiles has released its annual financial results for the 52 weeks ended 30 September 2023. Group revenue rose 6.3 per cent to a record £262.7m, and the retailer has achieved its goal of ‘1 in 5 by 2025’ market share goal two years earlier than planned. It also reported that sales per store were up 30 per cent compared to pre-pandemic levels.
Despite achieving record revenues, Topps Tiles saw profit before tax fall 37.6 per cent year on year to £6.8m from £10.9m in 2022, which it says is due to inflation.
Commenting on the results, Rob Parker, Chief Executive said: “This has been a further year of strategic progress for the Group and we are delighted to have delivered a third consecutive year of record sales and to have achieved our ‘1 in 5’ market share goal two years ahead of schedule. While profitability for the year reflects the impact of inflation on our cost base, particularly during the early months of the period, these pressures began to abate in the second half, with the smaller store estate and the cost reduction plan at Parkside providing further mitigation.
“As we enter our new financial year, it is clear that there has been a weakening of discretionary consumer spending. The business is well positioned to deal with this period, our established brands are market leading, we are competitively advantaged and we are confident that we will continue to take market share. When combined with a strong balance sheet, this will support the Group’s ambitions over the medium term. Topps Group continues to develop and diversify and we remain excited by the opportunities ahead of us.”
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