StockMarketWire.com - Topps Tiles reported total revenues were £108.8m (2018: £109.4m) for the 26 week period ending 30 March 2019.

Like-for-like revenues for the 26 week period increased by 0.2%.

Trading over the second quarter has improved from the levels reported in Q1, with like-for-like sales increasing by 1.8%.

The company estimated that the effect of weather conditions in the prior year and a later Easter this year has benefitted like-for-like sales over the quarter by around 1.6%.

Topps Tiles said the continued execution of ita strategy is enabling the firm to outperform the overall tile market.

STRATEGIC PROGRESS

Topps Tiles reported its "Leading Product" strategy of differentiation and innovation at pace is more relevant and important today to our customers than it has ever been and is akey competitive advantage.

The company's iterative cycle of new product introduction has seen the launch of 20 ranges so far this year, including a new porcelain tile range developed specifically for outdoor use.

Topps Tiles made good progress in leveraging its buying scale and advantage into commercial with over 70% of Parkside sales sourced through 'preferred' suppliers in the first half of the year.

RETAIL

The strategy of "Out Specialising The Specialists" is enabling Topps Tiles to continue to grow ahead of the UK tile market.

The company reported it is rolling out the latest merchandising initiatives across the estate and completed 39 mini refits during the period, bringing the total number of completed stores to 180.

Topps Tiles also launched "Tile Talk", a new customer feedback system, during H1, which resulted in an overall satisfaction score of 86%, placing us in the top five retailers in the UK.

The tiles specialist ended the period with 361 stores trading and a further four in fit out, having opened six and closed 13 stores during the first half.

The flexibility of the store estate, with an average unexpired lease term of four years, remains a key strength that we will continue to leverage to ensure our portfolio remains closely attuned to customers' needs.

COMMERCIAL

Topps Tiles' strategy of "Disrupt and Construct" made good progress as it built the commercial business.

Underlying commercial sales in the first half rew by around three times year on year.

During the first half the firm opened a flagship design studio in Clerkenwell, the heart of the London's architect and designer community.

The board will announce interim results on 21 May 2019.



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