Tile retailer Topps Tiles has reported a return to sales growth as well as providing an update on its CEO succession.
According to its latest trading update for the 13-week period ended 28 December 2024, group sales were 4.6% higher year-on-year excluding CTD, with sales in the most recent five-week period up 12.9% year-on-year, supported by the timing of the period end.
Like-for-like sales in Topps Tiles were up 3.5% year-on-year in the period and up 12.5% in the most recent five-week period. Sales in the Online Pure Play part of the Group were strongly positive.
“The sales improvement in the first quarter was driven by the ongoing strengthening of the Group’s trade offer, with robust growth in trade revenues at both Topps Tiles and Pro Tiler Tools,” the group said. “In Topps Tiles, the total number of active registered traders at the end of the period was up 7% year on year to 141,000, with the number of new traders registering in the quarter more than doubling year-on-year, both in store and online.
“Trade growth has been supported by developments in the Topps Tiles brand’s digital channels, clearer pricing and excellent stock availability, leading to total year-on-year trade sales growth in Topps Tiles over the quarter of 13.5%. The strong sales growth in Pro Tiler Tools continues, up 20% year-on-year in the first quarter.”
Rob Parker, Chief Executive, added: “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. Whilst it is early in the financial year and macroeconomic indicators remain mixed, we are pleased that our growth strategy is delivering strong results, which leaves us well positioned to deliver our goal of Mission 365.”
Furthermore, Topps has announced that following an extended period of consideration, Rob Parker, CEO, has notified the Board of his intention to retire from the business after 18 years with the Group. Rob joined the Group in 2007 and served as CFO for 12 years before becoming CEO in 2019.
Topps added that it has activated its succession plan and, with the support of external consultants, has commenced the search process for a new Chief Executive Officer. Rob will remain in post until an appropriate successor has been appointed, to ensure an orderly transfer of responsibilities, which is expected to be towards the end of 2025.
Paul Forman, Chairman, said: “Rob has made an enormous contribution to the development and success of the business over the last 18 years. During his time as CEO, he has overseen a period of significant diversification and growth of the business, and has led the Group through a particularly volatile period for the UK economy, including the Covid pandemic.
“He will leave with the Group well-positioned and we are grateful for his continuing leadership and commitment while we complete a managed transition to his successor. On a personal note, I would like to thank Rob for the support, professionalism and insight he has given me as a newly appointed Chair.”
