Topps Tiles hit by consumer downturn
In a short pre-close update ahead of its interim results, the firm said turnover for the six months to 30 March will be down 0.9 per cent to £87.4 million.
Underlying pre-tax profit is expected to be down to £4.3m from £5.6m, although the firm still expects to hit full-year profit targets.
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Hide AdIndependent retail analyst Nick Bubb said: “The update is quite disappointing.
“Topps hopes to claw back the shortfall in the second half by cost-cutting, in order to meet full-year profit expectations, but it is hard work out there trying to sell tiles to a struggling consumer.
“Despite the new tile range at B&Q that Kingfisher was boasting about yesterday and the cold weather, the main problem seems to simply be a lack of activity and confidence in the housing market.”