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.

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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."

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