Topps' dividend cut on dire results

TOPPS Tiles, the flooring and tiles retailer, today scrapped its interim dividend as sales continued to slide.

Like-for-like sales fell 18.5% in the six months to March 28, pushing pre-tax profits down to just £0.6 million from £15.8 million for the same period the previous year.

Topps is suffering from consumer restraint and the pound's weakness. In the first seven weeks of the second half, comparable sales dropped 11.9%.