Sales strengthen at Topps Tiles, CEO to step down
By Abigail Townsend
Date: Wednesday 08 Jan 2025
(Sharecast News) - Topps Tiles posted a robust start to the year on Wednesday, as it confirmed veteran chief executive Rob Parker would step down.
Updating on trading, the specialist retailer said like-for-like sales in the 13 weeks to 28 December rose 3.5% year-on-year.
They then strengthened further as the new financial year got underway, rising 12.5% in the most recent five-week period.
Topps attributed the increase to the "ongoing strengthening of the group's trade offer, with robust growth in trade revenues at both Topps Tiles and Pro Tiler Tools".
Its e-commerce business also performed well during the first quarter. Total traffic to digital channels was up 13% on an organic basis, while sales transacted online improved 8%. Growing its online business is a key focus for Topps Tiles.
Parker said: "We are pleased to see the group return to sales growth in the first quarter of the new financial year, supported by our strong trade offer and continued strategic progress, particularly with our digital and omnichannel growth initiatives.
"While it is early in the financial year, and macroeconomic indicators remain mixed, we are pleased that our growth strategy is delivering strong results."
Parker, who became chief executive in 2019 after 12 years as chief financial officer, is retiring after a total of 18 years with the business.
He is not expected to leave until his successor has been appointed, however, likely towards the end of 2025.
Chair Paul Forman said Parker had overseen a period of "significant" diversification and growth of the business.
He continued: "He will leave the group well-positioned, and we are grateful for his continuing leadership and commitment while we completed a managed transition."
As at 0900 GMT, shares in Topps Tiles had risen 4% to 38.55p.
Topps Tiles is the UK's largest tiles retailers, with around 300 stores.
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