Overview
- Topps Tiles, in Wednesday's trading update, said it will shut 23 underperforming shops, with eight already closed since September and the remaining 15 to go over the next six months.
- The retailer said the closures represent about 7% of its roughly 319-store estate and will leave around 296 locations trading once the programme is complete.
- Executives said store exits and head-office efficiencies will cut costs and shift some sales to nearby outlets, which they expect to raise profit even as revenue falls.
- The group reported £142.7 million in revenue for the six months to March 28, down 0.1% year on year, while sales excluding the CTD unit rose 2.1% as growth slowed in the second quarter.
- The company did not disclose job-loss figures or locations slated to close, said it will try to redeploy staff within its roughly 1,850-strong workforce, and noted ongoing estate changes linked to its CTD and Fired Earth deals under competition oversight.