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Gloucestershire Business News

Profit warning for tile retailer

Topps Tiles has warned that full-year profits will be well below expectations, after a sustained period of tough trading.

The retailer, which has stores in Cirencester, Stroud, Cheltenham, Gloucester and Moreton-in-Marsh, said it hadn't yet enjoyed a post-election consumer confidence boost, as reported by Retail Gazette.

Like-for-like sales were down 5.5 per cent in the eight weeks to 22nd February, prompting the retailer to say that it expected its full year performance to be significantly below the bottom end of expectations.

Expectations were for pre-tax profits of between £13.5 million and £14.5 million, significantly lower than last year's £16 million.

The company said there is a continuing weakness in spending on home improvements and it is taking action to stay competitive, reduce costs and improve cashflow.

Topps Tiles expects to see an improvement in sales later in the year, following a boost in the housing market since the general election.

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