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Topps Tiles shares surge as sales growth jumps in Q3
(Sharecast News) - Topps Tiles' share price surged on Wednesday after the specialist tile retailer reported a big acceleration in sales growth in the third quarter. The company reported continued "strong trading momentum" over the three months to 28 June, with adjusted sales jumping 10.1% compared with just 4.1% growth in the first half.
As a result, year-to-date adjusted sales are 6.1% ahead of the previous year.
"The sales trajectory has improved across all divisions in the Group, with Topps Tiles, Parkside and Online Pure Play (Pro Tiler Tools and Tile Warehouse) all delivering higher growth rates in the most recent quarter than in the first half," Topps said in a statement.
Meanwhile, adjusted gross margins continued to improve and are expected to be "slightly higher" in the second half than in the first.
However, the company did note the £4m of annual additional cost increases from April due to changes in National Insurance rates and thresholds, together with the increase in National Living Wage. Performance-related pay will also be higher in the second half as profits increase.
Nevertheless, Topps said: "Given the strong growth in sales, improved gross margins and cost management actions, the Group expects operating costs in the second half to grow at a lower rate than gross profits."
Topps shares were up 9% at 37.17p by 0903 BST.
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