Topps Tiles sales continue falling in third quarter

Tile specialist Topps Tiles (LON:TPT) reported that its revenues for the 13 weeks ended 1st July fell by 2.9% due to a difficult consumer market. The company believe that they are still outperforming the wider tiling market, but management said that they would be maintaining focus on cost control measures.

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Sales have been declining relative to 2017 since the second quarter of the firm’s financial year, despite an increase in store numbers. CEO Matthew Williams said that the company had amost doubled its addressable market by moving in to the commercial space, and that the firm was well capitalised and placed to take advantage of future opportunities. Topps Tiles shares fell this morning, but recovered this afternoon and were down by 0.48% at 62.70p as at 15:20 BST.