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Topps Tiles Sales Drop | News | UK Tilers Register
Site last published: 06/30/08
Topps Tiles Sales Drop
27/03/08 06:27 Filed in: News
LONDON (Thomson Financial) - UK tile and wood flooring company Topps Tiles PLC said it sees lower first half pretax profit, dragged down by a hedging charge, with like-for-like sales to show decline.
The company is expecting pretax profit of around 15.5 mln stg from 18.7 mln in the year-ago period mainly due to a 2.0 mln stg interest rate hedging loss, while operating profit is seen falling to around 20.7 mln stg from 21.3 mln.
Topps Tiles said for the first half to March 29, it sees overall group sales rising to 106 mln stg from 101.8 mln last year but expects like-for-like revenue to slide by 0.5 pct, citing a 'very challenging' retail environment.
Divisionally, UK like-for-like sales are expected to decline by 0.5 pct, compared with a 4 pct increase one year previously, while like-for-like sales in Holland are expected to drop 3 pct, against a previous 19 pct rise.
Overall, sales in the UK and Holland are expected to rise by 4 pct and 7 pct respectively, compared with growth of 11.7 pct and 35 pct reported in the year-ago period.
Matt Williams, chief executive said: 'The negative economic backdrop is translating into an increasingly challenging consumer market and the board does not envisage the environment changing in the short term. We are, however, pleased with the resilience the business has shown over the last few months and we are confident the business model remains robust and will serve us well during the current difficult period.'
Topps Tiles added it has a new store opening target of a net 20 new UK stores and will have opened 8 in the period while in Holland it continued to trade 20 stores throughout the period and envisage opening 1 or 2 in the second half of the financial year.
Topps Tiles will announce interim results on May 28.
TFN.newsdesk@thomson.com
yos/ssa/lht/yos/jro/vlb
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Neither the Subscriber nor Thomson Financial News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by Thomson Financial News and its third party content providers for your personal information only, and neither Thomson Financial News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon.
The company is expecting pretax profit of around 15.5 mln stg from 18.7 mln in the year-ago period mainly due to a 2.0 mln stg interest rate hedging loss, while operating profit is seen falling to around 20.7 mln stg from 21.3 mln.
Topps Tiles said for the first half to March 29, it sees overall group sales rising to 106 mln stg from 101.8 mln last year but expects like-for-like revenue to slide by 0.5 pct, citing a 'very challenging' retail environment.
Divisionally, UK like-for-like sales are expected to decline by 0.5 pct, compared with a 4 pct increase one year previously, while like-for-like sales in Holland are expected to drop 3 pct, against a previous 19 pct rise.
Overall, sales in the UK and Holland are expected to rise by 4 pct and 7 pct respectively, compared with growth of 11.7 pct and 35 pct reported in the year-ago period.
Matt Williams, chief executive said: 'The negative economic backdrop is translating into an increasingly challenging consumer market and the board does not envisage the environment changing in the short term. We are, however, pleased with the resilience the business has shown over the last few months and we are confident the business model remains robust and will serve us well during the current difficult period.'
Topps Tiles added it has a new store opening target of a net 20 new UK stores and will have opened 8 in the period while in Holland it continued to trade 20 stores throughout the period and envisage opening 1 or 2 in the second half of the financial year.
Topps Tiles will announce interim results on May 28.
TFN.newsdesk@thomson.com
yos/ssa/lht/yos/jro/vlb
COPYRIGHT
Copyright Thomson Financial News Limited 2008. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
Neither the Subscriber nor Thomson Financial News warrants the completeness or accuracy of the Service or the suitability of the Service as a trading aid and neither accepts any liability for losses howsoever incurred. The content on this site, including news, quotes, data and other information, is provided by Thomson Financial News and its third party content providers for your personal information only, and neither Thomson Financial News nor its third party content providers shall be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon.
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