Topps Tiles PLC (LSE:TPT) shares fell over 4% to 39p after it reported a further decline in sales in the third quarter, with market conditions remaining challenging.
Sales were down 6.2% in the first 39 weeks of its financial year, the wall and floor tile retailer said in a third-quarter update, worsening from the 5.8% revenue decrease reported in its interim results.
Like-for-like sales were 9.7% lower in the third quarter, compared to a 9.2% decline in the first half.
Topps said it is continuing to take market share as it calculates that the UK tile market is down 10-15% year-on-year.
"Market conditions have remained challenging overall, with subdued demand in the domestic repair, maintenance and improvement (RMI) sector, especially for bigger ticket projects," it said.
The group feels it is "well-positioned to benefit" from a recovery in the market due to its growing market share, brands and strong balance sheet.
"However, with this recovery yet to feed through into our end markets, the group is progressing the self-help opportunities described in the interim results statement as part of its 'Mission 365' goal."