Topps Tiles Expects Lower Gross Margins for 1Q

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by Michael Susin

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Topps Tiles Plc on Wednesday said it expects its gross margin percentage for the first quarter of 2022 to be marginally lower year-on-year as cost prices will exceed selling prices.

The tiles retailer said it has taken steps to protect gross profit and operating costs are in line with forecasts.

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Topps said retail sales grew 21% on a two-year basis in the first quarter of 2022.

It said it continues to hold high levels of inventory against supply-chain pressures.

“Global supply-chain challenges, high staff absenteeism due to COVID-19 and material cost price inflation continue to provide significant headwinds, although we are managing these challenges effectively. I am confident that our successful strategy and The strong balance sheet leaves us well positioned to deliver sustainable long-term growth and our 20% mark-share target of ‘5 in 1’ by 2025,” said Chief Executive Officer Rob Parker.

Shares were down 2 pence, or 3.1%, at 62.0 pence at 0819 GMT

Write to Michael Susin at [email protected]

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