UK property revival boosts sales for Topps Tiles after homeowners revamp their homes
The resurgent housing market helped Topps Tiles deliver bumper festive sales after homeowners revamped their new properties.
Shares in the wall and flooring specialist rose 4p to 133p after it rode on the coat-tails of the improving building sentiment.
Analysts scrambled to lift profit targets after the firm, which had suffered from a slump in people moving home, said it was upbeat about the next 12 months.
DIY: Homeowners gave Topps Tiles solid sales after they did up their new properties
Underlying sales rose to 9.3 per cent for the 13 weeks to December 28, significantly up from the 1.6 per cent seen the previous year.
Matthew Williams, chief executive of Topps, said it had traded strongly over the quarter with an acceleration in sales growth during the final month of the period.
He added: ‘We remain cautious of projecting forward this performance. Trading over the next quarter will be key in this regard.’
Analysts were upbeat about market share gains with John Stevenson from broker Peel Hunt saying Topps Tiles is benefiting because its sales are correlated with a more buoyant housing market and improvements to the wider economy.
The building bubble also helped home furnishings group Dunelm post a 2.9 per cent rise in sales as shoppers adorned their newly-tiled abodes with cushions and potpourri.
The first-ever television advertising campaign and a second autumn catalogue led to a healthier three months after the warm weather resulted in a fall in sales during the summer.
Chief executive Nick Wharton said: ‘We are beginning to see the benefits from our increased advertising investment.’
Separately the British Retail Consortium said shop prices fell at the fastest rate for at least seven years in December, slowing to -0.8 per cent from -0.3 per cent. Food inflation also slowed to 1.7 per cent, from 2.3 per cent in November.
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