Topps Tiles profits sink
By Sarah Wood | 23rd May 2023
Profits at Topps Tiles have halved, despite a big increase in sales.
Sales at the retailer, which has stores in Gloucester, Cheltenham, Cirencester, Stroud and Moreton-in-Marsh, were up 9.3% to £130.3m, as reported by Retail Gazette.
But pre-tax profits were down 69.6% to £1.7m in the 26 weeks to April 1. Adjusted pre-tax profit fell 38% to £4.4m.
Topps Tiles said profits were hit by the ongoing impact of inflation, including the big rise in energy costs.
It expects profits to increase in the second half, driven by the growth of its new businesses and reduced gas costs.
The retailer said it is on track to hit its 20% market share target.
Copyright 2023 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.