Topps expects profits to show 'good growth'
Tile and flooring chain Topps Tiles says it expects to see ‘good growth in profits’ and record sales when its financial year ends this weekend.
The 348 store chain says it expects like for like sales to be 5.3% higher in the year to 3 October, with sales for the 53 week period reaching £212m.
‘I am pleased to report that Topps will complete a successful year, with good growth in profits and a record level of turnover, both of which are directly attributable to our strategy of out-specialising the specialist,’ says Matthew Williams, Topps ceo.
Williams says he expects to reach his target of a third of the tile market by the end of the year.
Topps will take a £3m charge with the closure of nine clearance stores and the centralisation of support operations which is expected to save at least £500,000 a year from the second half of 2015/2016.