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Topps Tiles improves sales as turnaround plan bears fruit

Chief executive Matthew William said Topps Tiles is "encouraged that the successful execution of our strategy is delivering good trading results"

Topps Tiles
The tiles retailer said like-for-like sales increased 3.8% in the three months ended June 29 after a 1.8% rise in the second quarter

Topps Tiles PLC (LON:TPT) improved sales in the third quarter against a weak year-ago period as its turnaround strategy starts to pay off.

The tiles retailer said like-for-like sales increased 3.8% in the three months ended June 29 after a 1.8% rise in the second quarter and a 1.4% drop in the first quarter.

“While this is in part due to a softer trading period in the prior year we are encouraged that the successful execution of our strategy is delivering good trading results,” said chief executive Matthew Williams.

READ: Topps Tiles makes 'encouraging' start to second half after weaker first-half profits

In the third quarter of last year, like-for-like sales fell 2.3%, hit by hot weather and a widespread downturn across the UK retail market.

As part of its strategy to revive the business, Topps Tiles launched 25 new ranges this year that accounted for 20% of sales during the third quarter.

The group also started a customer feedback system called ‘Tile Talk’ and reduced its store estate to 365 at the end of the period from 374 last year.

In April, Topps Tiles announced that it had bought an 80% stake in UK commercial tiles supplier Strata Tiles.

“Our entry into the commercial tile market has approximately doubled our addressable market and provides opportunities to leverage our competitive advantage,” Topps Tiles said in Wednesday's third-quarter update.

Topps shares rose 2% to 68p in morning trading. 

Quick facts: Topps Tiles PLC

Price: 46.8 GBX

LSE:TPT
Market: LSE
Market Cap: £91.94 m
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