UK tile specialist Topps Tiles reported like-for-like revenue for the 13 weeks to 31 December 201 increased by 0.3%.
Topps ended the quarter with a total of 356 stores.
The first quarter included one additional trading day due to the timing of public holidays, which was estimated to have increased LFL sales growth in the quarter by 0.6%.
Topps continued to invest in the business and made good progress with its strategy of 'out-specialising the specialists' with specific initiatives in the period including:
- Inspiration: During the period, the company saw early results from the expanded trade rewards+ loyalty programme. It reported 24,000 participating traders and approximately two thirds of trade sales linked to the scheme.
- Range: Following the exit from low margin real wood flooring in 2016, the enhanced wood effect tile ranges continued to deliver strong growth and the XL ranges traded ahead of initial expectations.
- Convenience: Topps opened five new stores in the core estate during the quarter and is currently trading from 356 stores, including 15 Boutique stores (2016: 340 stores including 13 Boutique stores). The company said it expects to open 15 new stores in the current financial year.
- People: It launched a new employer brand campaign to increase the firm's attractiveness to new candidates and help to increase retention of employees.
At 12:07pm: (LON:TPT) Topps Tiles PLC share price was -0.87p at 85.13p