Topps Tiles Sees Lower Net Income

London, UK, March 26, 2008--British tile and flooring retailer Topps Tiles Plc said its first half net income would be down 17 percent and low consumer confidence would pressure near term sales.

The company said that pretax profit for the period would be about $30.9 million after a special charge linked to the hedging of its interest repayments.

The company said consumers have little confidence about economic conditions and are holding back on discretionary purchases. It said the weaker housing market is less of a factor than economic conditions.