The boss of Britain’s largest tile retailer received better than expected sales during the foreclosure.
Topps Tiles chief executive Rob Parker said the company had shown “resilience” and was well positioned as the economy started to recover – despite a huge drop in sales as the foreclosure took effect .
Weekly sales for the Leicestershire-based company fell 80% – from a year earlier – as the foreclosure started in April.
In May, with the reopening of stores, trade fell 69% year on year and last month, sales fell 20%.
Average weekly sales fell from 800,000 in April (when the 356 stores were closed) to 3.9 million in the last week of June, when all the stores were in operation.
Typical weekly sales in spring 2019 were slightly over 4 million.
Over the past three months as a whole, sales have decreased by about half.
The company recently sold and rented its headquarters and warehouse in Grove Park, near Junction 21 of the M1, for € 18.1 million, to provide it with additional cash in the bank for the help make it happen.
Parker said: “I am satisfied with the resilience demonstrated by the company during this period and I would like to thank my colleagues from across the group for their hard work and dedication which has enabled the end of June, all Topps stores are open and serve our customers safely.
The group has demonstrated its resilience, with revenues exceeding our expectations, and we have strengthened our financial liquidity through the sale and sale-leaseback of our central warehouse and our head office.
For the future, from our position as market leader and with a solid financial base, Topps is well positioned as the economy begins to recover.
In a trade update, the company said: The performance of retail in the third quarter before the revised forecast due to the accelerating pace of store reopening and better than expected customer demand.
The retail website posted a solid performance with quarterly sales of 139% over the previous year, building on the group’s recent investments in its online platform.
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