UK's Topps Tiles warns of lower profit on heatwave disruption, weak spending
Topps Tiles Faces Profit Drop Amid Challenging Market Conditions
Profit Warning and Sales Impact
July 1 (Reuters) - British retailer Topps Tiles on Wednesday warned its annual profit could drop by 29% after quarterly like-for-like sales were hurt by customers trading down to cheaper products and heatwave-induced temporary work stoppages among builders.
Profit Forecast for Fiscal 2026
The company said it expects adjusted pretax profit for fiscal 2026 ending September to be above £6.5 million ($8.60 million), compared with £9.2 million last year.
Analyst Estimates
Analysts, on average, were estimating about £9.2 million in annual pretax profit, according to an LSEG poll of four analysts.
Market Environment and Company Statement
"The macro-economic environment has continued to be challenging, with lower consumer spend and commercial areas such as housebuilding coming under further pressure," the company said in a statement.
Currency Exchange Rate
($1 = 0.7555 pounds)
Reporting Credits
(Reporting by Amna Mariyam and Neeshita Beura in Bengaluru; Writing by Yadarisa Shabong; Editing by Subhranshu Sahu and Harikrishnan Nair)
