Topps Tiles PLC (LON:TPT) expects to have all of its 350 stores open by the end of June.
The tiles seller has been trialling gradual openings since 22 April, with 250 stores currently offering a click and collect service, 130 of which are also allowing controlled customer entry.
READ: Topps Tiles drops dividend, “well-positioned” to recover
In the half-year to 28 March, revenue dropped 4% to £106mln, swinging to a £4mln loss before tax from £5mln profit posted the year before, due to higher costs plus a £2.7mln impairment charge relating to pre-pandemic store closures.
Trading was hit by economic uncertainty around the December General Election, with the weakness in home improvement spending persisting into the second quarter.
Net debt at period-end was £17mln while the interim dividend remains suspended due to the ongoing crisis.
The retailer said it had £14mln cash headroom as of Monday, down from £21.7mln at the end of March.
The firm furloughed 90% of staff at peak and has applied for tax deferrals and business holidays.
It also secured an extra £10mln loan facility through existing lenders.
Back to 'buy'
Analysts at house broker Liberum reinstated the 'buy' recommendation with a 38p target price from under review.
"There are promising signs with online sales three times pre-COVID levels and management is being very pro-active in adapting and re-opening stores, such that the entire estate could be open on a controlled entry basis by the end of June."
Shares rose 6% to 40.2p on Tuesday at the opening bell.
--Adds analyst's comment, shares--