Sales figures fall on high street
The profit warning issued by Topps Tiles last month seemed to show that the firm had hit rock bottom at a similar time to many other flooring companies.
However they are due to reveal sales which have dropped by over £6m on last year’s figures and experts say improvement is unlikely at the moment.
Over the last six months the share price for the DIY and flooring store has plummeted and with the housing market struggling it looks unlikely to recover any time soon.
Topps Tiles released the profit warning recently during a period when several flooring suppliers, and high street retailers in general, revealed that they were facing financial difficulties.
Despite problems caused by the recession Topps Tiles is hoping to meet forecasts for pre-tax profits as there haven’t been any changes within company finances since April’s interim report.
One issue which is unlikely to have helped the company is the number of new stores opened within the last year, despite evidence that high street stores are facing an increasing struggle.
Online shopping is gaining popularity and buying flooring online is becoming widespread as ecommerce technology advances and these businesses benefit from low rental costs without high street stores.
