topps tiles

Topps Tiles (LON:TPT) shares fell over 2 percent on Wednesday morning, after like-for-like sales in its fiscal third quarter fell by 2.3 percent.

The group attributed the fall in sales to a “weak consumer environment”, but said that it was still outperforming the overall tile market.

“Against this background, we believe that we continue to outperform the overall tile market and we are maintaining our focus on tight cost control and strong underlying cash generation,” the company said.

The group said it was Topps Tiles said it was making strides with its core strategy, which includes gaining retail market share through a store investment program. The group is now trading from 375 stores, with 140 sites now decked out with the latest merchandise and a raft of promotional activity.

The group said it also completed a refinancing of its loan facility, putting in place a new three-year committed facility with existing lenders on similar commercial terms.

Shares in Topps Tiles are currently trading down 1.98 percent at 61.75 (0856GMT).