Topps Tiles shows slight improvement in first quarter

Trading continues to be tough for flooring specialist Topps Tiles but the retailer's performance has showed a slight improvement in recent weeks.

The firm said on Tuesday that like-for-like sales had fallen by 4.2% in the first quarter, but noted a slight pick-up from the 6.9% LFL revenue decline seen in the first seven weeks of the year.

"Looking ahead, the board remain very conscious of the difficult outlook for the consumer in 2012 but we believe that our strategy of offering outstanding value for money combined with exceptional levels of service will continue to deliver the best results for both our customers and our shareholders," said Chairman Michael Jack.

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Topps, which currently trades from 320 stores, expects to open five more stores during the financial year.

Shares were down 2.91% at 25p by 14:38 despite an upgrade by Peel Hunt from hold to buy. According to Peel Hunt analyst John Stevenson, "Tiles remains a service-driven product, with Topps extremely well placed to benefit from eventual economic recovery."