Topps Tiles Profit Falls Despite Flat Sales

London, England, Nov. 25, 2008--Topps Tiles, a provider of tile and wood flooring, reported a decline in profit for the full year 2008, with revenues almost flat with the previous year.

The company attributed the decline in profit to challenging conditions in the retail environment.

Profit before tax declined to $42.4 million from $57.8 million in the previous year.

Group revenue was $318.4 million compared with $318 million in the year-ago period.

During the year, the company achieved its store-opening target of 19 stores, thus reaching a total of 320 trading outlets throughout the UK. The company opened 17 new Topps and Tiles stores, two new stores under the Tile Clearing House brand, and two new stores in Holland.