17:00 Wed 01 Jul 2020
Topps Tiles - Q3 Trading Update
Q3 Trading Update
Trading
Retail trading over the third quarter improved significantly as stores re-opened, with average sales per week growing from
Average Weekly Sales
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April |
May |
June |
Q3 |
FY 2020 |
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FY 2019 |
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|
|
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YoY% |
(80)% |
(69)% |
(20)% |
(53)% |
Third Quarter Highlights
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Retail • Majority of stores opened from end of May with enhanced health and safety protocols in place to safeguard colleagues and customers • Social distancing measures in stores not a significant constraint on trade due to relatively low customer footfall and availability of space in stores to browse • Retail performance in the third quarter ahead of revised expectations due to accelerated pace of store re-openings and better than expected customer demand • Retail website has performed robustly with sales across the quarter 139% ahead of the prior year, leveraging the Group's recent investment in its online platform
Commercial • Commercial sales for the quarter were • Activity levels across June have increased steadily as the construction industry has returned to work
Cash, Debt & Liquidity • Sale and leaseback - central office and warehouse facility disposed of during the period for • Encouraged by overall Q3 liquidity, with rate of sales recovery and cash performance ahead of initial expectations • Period end net cash of
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"The Group has demonstrated its resilience, with revenues ahead of our expectations, and we have strengthened our financial liquidity through the sale and leaseback of our central warehouse and head office facility.
"Looking ahead, from our market leading position and with a firm financial footing, Topps is well-positioned as the economy begins to recover."
- Ends -
Enquiries:
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0116 282 8000 |
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020 3926 8509 |
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020 3926 8503 |
Note to editors
Since opening its first store in 1963, Topps has maintained a simple operating philosophy - inspiring customers with unrivalled product choice and providing exceptional levels of customer service.
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