Floor firm's sales plunge.TILE and wood floor retailer Topps Tiles Topps Tiles plc is a British national retailer based in Wilmslow, Cheshire. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. The first store was opened in Manchester in 1963 by Stuart Williams and Barry Bester and there are now over 300 yesterday unveiled sharp sales falls, but said it had shored up its finances to weather the tough conditions. The Cheshire-based firm's like-for-like sales Like-for-Like Sales The portion of current sales achieved through activities that are comparable to the activities of the previous year. Notes: Using like-for-like sales is a method of valuation that attempts to exclude any effects of expansion, acquisition, or other have slumped 13.1% in the past eight weeks amid the housing market downturn. It expects a 5% decline over the year to September 27. But shares rose 11% after Topps said lenders had agreed to relax banking covenants on its debts, which stood at pounds 94.7m in May, and extended its current loan facility until 2012. Despite the recent sales declines, Topps also assured investors full-year operating profits would be within City estimates of pounds 36-pounds 39m. Chief executive Matt Williams Matt Williams can refer to different people:
He said: "While we do not expect there to be any shortterm change to these trading conditions, we continue to have strong foundations and a sound business model which will see the business through this particular phase of the economic cycle." |
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