UK's Topps Tiles Says Sales Decline Slowing

London, England, Sept. 23, 2009--British flooring retailer Topps Tiles said sales fell more slowly in its second half, adding to hopes the recession may be ending.

The tile and wood flooring retailer said it expected sales at stores open more than a year to have fallen 13.5 percent in the year to the end of September. That compares with a fall of 18.5 percent in the six months to March 28.

"We're looking for this period of stability to last for a while and then for an improvement but it is too early to call that yet," finance director Rob Parker said.

Many retailers linked to the housing market have struggled but in recent weeks, Europe's biggest home improvements retailer Kingfisher reported a 35 percent rise in first-half profit, while Britain's biggest floor coverings retailer, Carpetright posted its first increase in sales since early 2008.