Topps Tiles puts in resilient performance despite lockdown closing stores
Topps Tiles saw revenue grow in the first half of its 2021 financial year despite the recent coronavirus lockdown closing its stores and halting its commercial work.
In the 26 weeks ending 27 March, the tile specialist saw revenues of £103.6m, down slightly from £106m during the same period in 2020.
In the first quarter of the year retail like-for-like sales increased by nearly 20 per cent, with good growth in sales across professional fitters and homeowners.
But in Q2 the UK entered national lockdown, which saw stores closed to retail customers, which significantly impacted sales, contributing to an overall reduction of 17.3 per cent in sales in the second quarter.
Topps Tiles was also hit by a struggling commercial sector, with restaurants, bars and leisure areas significantly affected by Covid-19. As a result, sales to commercial business were down 10 per cent year-on-year.
CEO Rob Parker said: “Our revenues for the first half reflect a very strong first quarter followed by a period of over the majority of the second quarter when sales, particularly to homeowners, were significantly impacted by the trading restrictions imposed on our stores during the third national lockdown.
“The group adapted to the changed environment swiftly and effectively, producing a resilient performance in the circumstances.”