Topps Tiles Revenues Slide 13 Percent

London, England, Jan. 13, 2009--British tile retailer Topps Tiles posted a 13.3 percent gross revenue fall in the first 13 weeks of the financial year, the company said.

The group also said revenue for the period, which includes Christmas sales, fell by 18.1 percent compared to last year.

Topps Tiles' CEO Matthew Williams said the decrease in revenues was in line with the 18.5 percent expected by the group but declined to give a figure.

A note from KBC Peel Hunt said the company remained "highly cash-generative", despite the falling profit outlook, and forecasted net cash inflow of 14 $20.94 million in 2009.

Topps said it had closed or relocated six stores and opened three new ones in the London area, and continued to operate from 22 stores in Holland.

The CEO said the company would not embark on a large expansion programme in 2009, and planned to offset any new openings -- around 10 to 12 in the UK -- with closures or relocations.