Topps Tiles Sees Further Drop in Sales

London, England, March 28, 2012 -- UK tile specialist Topps Tiles said that sales for the first six months of the fiscal year were lower than a year ago.

The company estimated a 4.5% drop in first-half sales (to March 31) at stores open for more than a year. Overall sales were down 2.5%.

The decline compared with a 1.8% increase recorded in the first half of the previous year.

CEO Matthew Williams told the Financial Times that housing market sales have likely hit bottom.

"Retailers improving ‘home’ offers are starting to impact revenues and will absorb any benefit from a recovery in the housing market.”