The UK retailer has reported a “significant” increase in trading following the re-opening of its stores after temporary closures due to Covid-19.
In a statement covering its third quarter, the retailer said average weekly sales climbed from £0.8M in April to £3.9M in the final week of June, although this was 5.4 per cent below the same week last year on a like-for-like basis.
Topps said the quarter’s performance was ahead of its revised expectations due to the speeding up of store re-openings and better than expected customer demand. The results meant that sales were down 53 per cent overall across the 13-week period to 27 June, while online sales rose by 139 per cent year on year. Rob Parker, Topps Tiles, Chief Executive, said: “I am pleased with the resilience shown by the business through this period and I would like to thank colleagues across the group for their hard work and dedication which ensured that, by the end of June, all Topps stores were back open and serving our customers safely. The group has demonstrated its resilience, with revenues ahead of our expectations, and we have strengthened our financial liquidity through the sale and leaseback of our central warehouse and head office facility. Looking ahead, from our market leading position and with a firm financial footing, Topps is well-positioned as the economy begins to recover.”
