Amidst a challenging year, Topps Tiles has reported a drop in annual sales.
- Revenues decreased by 5.7% to £248m, excluding recent acquisitions.
- The firm faced difficulties, particularly within the domestic RMI sector.
- Despite quarterly sales dropping 4.4%, a slight end-of-year improvement was noted.
- CEO Rob Parker remains optimistic about future market recovery and strategic growth.
Topps Tiles has reported a decrease in annual revenues, reflecting a challenging year for the home improvement retailer. Revenues fell by 5.7% to £248 million for the year ending 28 September, excluding contributions from its recent acquisition of CTD Tiles in August. The retailer cited the continued weak demand in the domestic repair, maintenance, and improvement (RMI) sector as a primary factor behind the decline.
The company’s sales also observed a 4.4% reduction during the fourth quarter. However, there was a modest improvement compared to the trends noted earlier in the year, indicating a potential gradual recovery.
Chief Executive Officer Rob Parker emphasised the company’s resilience and strategic approach amidst the market difficulties. He stated, “In a year that has proved challenging in many ways, I am pleased by how well our teams have responded to the weaker market, demonstrating both our resilience and our ability to continue to outperform.”
Despite current challenges, Parker expressed confidence in future prospects, pointing to promising macro-economic indicators for 2025. He noted that while the timing of the recovery is uncertain, the company’s strategic planning is structured to facilitate growth under varying market conditions.
Topps Tiles remains cautiously optimistic, with strategies in place to navigate current and future challenges.
