Topps Tiles stacks up sales growth as buyers opt for home improvements
Topps Tiles' chief executive said today that it was too early to know what the effects of Brexit will be as the company posted strong results.
The figures
Topps Tiles said like-for-like sales were up by 6.2 per cent for the 13 weeks to 2 July, compared to sales growth of six per cent in the same period last year.
The company said this year's early Easter boosted sales growth in the third quarter by 0.6 per cent.
Why it's interesting
Although housebuilders and other property companies have had a rough ride since the Brexit vote, Topps Tiles has not felt the same effects.
The company may be buoyed by the fact that people who put off investing in big-ticket items such as a new home may turn to home improvements instead.
Read more: Brexit wrecks it – Brits shun big ticket buys
The company has been revamping the business with new services for customers, including a new digital brochure that allows them to pick products that fit the rooms and designs they want. The personalised selection is completed online, and emailed to the customer.
Topps Tiles have also been updating its range, moving out of wood flooring to focus on large tiles instead. The company has also been opening convenience and boutique shops to expand its store offering.
What Topps Tiles said
Matthew Williams, chief executive, said: "Our focus on the successful strategy of 'Out Specialising the Specialists' has enabled us to deliver healthy like-for-like sales growth of 6.2 per cent in the third quarter, with initiatives to extend the appeal of the Topps brand continuing to attract new customers.
"While it is currently too early to ascertain the implications of the results of the UK referendum, we remain confident in the longer term outlook for our business and in our ability to outperform the market."