Home wares retailer Topps Tiles plc (LON:TPT) have seen their sales dip for the first quarter of the financial year – despite positive updates during mid-2018 – amid what they have described as a ‘challenging market backdrop’.
The company’s sales are down 1.4% for the 13 week period through December 29th, but the company said it was making ‘good progress’ on the back of recruiting an experienced sales force, and said it was looking to further strengthen its team, especially in its commercial elements.
“Against a challenging market backdrop and a strong period of performance in the prior year we believe the business has performed robustly over the first quarter”, Chief Executive Matthew Williams said.
“We remain excited by both the opportunity for profitable growth that our expansion into commercial segment will bring and the continued opportunity to further strengthen our market leading position overall.”
“We are building an encouraging pipeline of future potential projects and are on track to open two new showrooms during the second quarter; bringing the total to four”.
Despite disappointing sales, Topps shares are trading up 2.22% or 1.41p at 65.11p. Peel Hunt and Liberum Capital analysts have reiterated a ‘Buy’ stance on Topps Tiles stock, while Cantor Fitzgerald reiterate a ‘Hold’ stance.
