(Sharecast News) – Topps Tiles reiterated its full-year guidance on Wednesday on the back of solid third-quarter trading.
The tile specialist said total sales rose 4.4% in the third quarter, with sales up 7.6% in the 39 weeks to 1 July.
On a like-for-like basis, third-quarter sales rose 2.5% and by 3.7% in the year to date.
Gross margins also continued to improve, as inflationary pressures on the cost of goods and shipping reduced.
As a result, Topps said it remained confident that adjusted pre-tax profits in the second half would be “materially” higher than the first half, leaving it on track to meet market expectations for the year as a whole.
Analysts currently expect the retailer to post adjusted full-year pre-tax profits in the range of £11.3m to £12.3m.
Rob Parker, chief executive, said: “We are pleased to be reporting a continued to 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.
“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 our stakeholders.”
