Topps Tiles said in continuing tough trading conditions the sales performance in the first half has been broadly in line with expectations.
Like-for-like revenues are expected to have decreased by c.4.5% reflecting, in part, tougher comparatives in the prior year (2011: 1.8% increase). Total revenues for the 26 week period will be in the region of c.£86.9 million (2011: £89.2 million), a c.2.5% decrease year on year.
Second quarter revenues are expected to have decreased by c.4.8% on a like-for-like store basis compared to 2011 (2011: 1.5% increase). However, due to the timing of the New Year Bank Holiday the second quarter contained one less trading day in 2012 and after adjusting for this the underlying like-for-like performance is a decline of c.4.0%.
The Group is currently trading from a total of 319 stores and expects to end the financial year with 325, in line with previous guidance.
The Board will announce interim results for the half-year to end-March on Tuesday 29th May 2012.
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