Topps Tiles has reported higher like for like sales growth
(Picture: Topps Tiles)Strong lockdown demand for home improvement products has helped Topps Tiles achieve record annual sales.
The retailer saw turnover reach £227.5 million in the 53 weeks to October 2, with comparable sales up 19.6% from the prior year, and 6.3% above the year before that, pre-Covid.
Topps Tiles was among firms to benefit from people embracing DIY during the pandemic. It expects profits for the financial year just ended to be slightly above the £13.6 million analysts had pencilled in.
The firm added that it has invested in higher levels of inventory, which it believes is “a significant competitive advantage in a market which is facing well-documented supply chain challenges”.
The shares gained 1.4p to 64p.
Elsewhere in the DIY sector, venture capital firm Beringea said it has led a £2 million investment into London-founded online retailer Plank Hardware.
The funding will be used towards investing in marketing and tech at the company, which sells products such as door knockers and wardrobe handles.
The start-up was launched in 2019 by Tom Revill and Annie Aveyard.
Emma Biasiolo, investment manager at Beringea, said: “Annie and Tom have tapped into a clear demand for stylish, on-trend design at an affordable price point, and they are rapidly establishing Plank Hardware as the go-to brand for home décor hardware. Beringea has backed the significant potential of the founders, and the growing opportunity in DIY and home renovations.”
