National tile specialist sees Q2 revenues plummet after successful first quarter
Tile retailer Topps Tiles has unveiled a mixed performance for the first half of its 2021 financial year.
For the 26 weeks up to March 27, the firm’s total revenues were £103.6m, including retail like-for-like growth of 2 per cent.
The firm’s first quarter saw like-for-like growth of 19.9 per cent, but this was followed by a drop of 17.3 per cent in the second quarter.
Rob Parker, CEO, commented: “Our revenues for the first half reflect a very strong first quarter followed by a period over the majority of the second quarter when sales, particularly to homeowners, were significantly impacted by the trading restrictions imposed on our stores during the third national lockdown.
“The group adapted to the changed environment swiftly and effectively, producing a resilient performance in the circumstances.
“We are looking forward to the lifting of lockdown restrictions in April and are concentrating on being well prepared for the return of all customers to our stores.
“We have a strong balance sheet, are debt-free, and are well positioned for growth this financial year as we move towards our goal of ‘1 in 5 by 2025’.”
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