Bleak outlook for home renovations
The renovations market may now be starting to feel the pinch of the recession, according to one company suffering from declining sales.
While the housing market has been experiencing such a difficult period those in the interiors sector were staying afloat as homeowners chose to renovate rather than sell their homes.
Unfortunately a large proportion of the renovations market actually comes from consumers who are eager to improve their home in order to secure a higher price with investments like natural hardwood floors.
Topps Tiles is a big name in renovations, supplying wood flooring and tiles, however the company has been hit by decreasing sales in general.
The firm’s sales have suffered a 2% sales decrease over the last financial year with a 6.9% drop since September.
The full-year results revealed a slightly more positive stance as they were better than expected after a profits warning at the end of the summer.
Autumn months are generally a successful time in the home renovations market and many flooring specialists benefitted from a seasonal boost in profits.
Topps Tiles are remaining optimistic and continue with careful plans to open further stores in 2012 so the firm is not struggling in the same way as many smaller firms will.
