UK-based retailer Topps Tiles has reported a 4.4% year-on-year (YoY) rise in total sales in the third quarter (Q3) of 2023 compared to the same quarter the previous year.
The growth in total sales for the year-to-date 39-week period was 7.6% YoY.
In the quarter that ended on 1 July 2023, the company saw an increase of 2.5% in like-for-like (LFL) sales. The figures grew by 3.7% on a year-to-date basis.
The company said that its operating costs and profits remained in the expected range while gross margins continued to improve as inflationary costs eased and shipping costs lowered.
Sales performance within the online pure play brand is claimed to have exhibited an exceptional growth of over 60% in the quarter, which was mainly led by Pro Tiler Tools.
Topps Tiles CEO Rob Parker said: “As we celebrate our 60th anniversary, we are pleased to be reporting a continued robust performance in the third quarter, led by Topps Tiles and Pro Tiler Tools and the successful implementation of a business improvement plan at Parkside.
“Looking ahead, we are confident that our core strengths of leading brands, world class customer service, specialist expertise and a strong balance sheet will enable us to continue to deliver value for all stakeholders.”
The company stated that it remained confident that adjusted profits in the second half would be “materially higher” than in the first half.
As of 4 July 2023, Topps Tiles’ current full-year market expectations are in the range of £11.3m ($14.3m) to £12.3m ($15.6m) of adjusted profit before tax, with a consensus of £11.8m ($14.9m).
