SALES have continued to climb for Topps Tiles as the DIY boom shows no signs of stopping beyond the pandemic.

Group sales in the 52-week period were approximately £247.3m, a second consecutive record year of turnover.

Topps Tiles said it continued to perform well against a "very strong comparative period last year". While like-for-like sales were down 1.2 per cent lower in the final quarter, like-forlike sales growth for the full year were up 9.4 per cent.

Average weekly sales per store up on pre-pandemic levels, with sales 25 per cent higher this year than in 2019. The firm cited the closing of underperforming stores and a focus on its online presence as driving the growth.

"Our market leading omni-channel retail business, Topps Tiles, has performed well against strong prior year comparatives and we are continuing to grow our base of loyal trade customers," chief exec Rob Parker said. He added that the company's strong balance sheet would help it fend off ongoing market volatility.

Brokers at Peel Hunt backed the retail park favourite, giving the stock a buy rating, but cut its target price from 70p to 60p.

"The new divisions are developing well, inflationary pressures are being managed and the groups cash balances and headroom remain robust," they said.

(c) 2022 City A.M., source Newspaper