Cheshire, England, January 11, 2006-- Flooring specialist Topps Tiles gave shareholders cause for optimism yesterday after forecasting that 2006 would be 'less challenging' than recent months.
Co-founder and chief executive Barry Bester said that although like-for-like sales were down 4.4% in the first 13 weeks of the new financial year, turnover rose 1% and its figures appeared stable.
In November he reported that like-for-like sales were down 4.7% in the previous seven weeks, reflecting the UK's tough trading environment.
Ahead of the company's annual meeting, Mr Bester said that like-for-like sales were expected to show signs of improvement from now on.
The Cheshire firm will open 24 new stores within the financial year, bolstering its current portfolio of 249.
He predicted growth of 26% in the UK tile market by 2010 and said the company was well positioned to deliver sustainable growth for its investors.
In the first 13 weeks of its new financial year, Topps Tiles opened five new shops, including ones at Oxford and Kettering.
It plans to open another 19 in the next eight months. It also trades in 13 stores in Holland.
