Topps Tiles is hit by uneven sales pattern

Tiles and wood flooring shop Topps Tiles today blamed "unstable" levels of consumer confidence for slowing sales growth in its first half.

The chain, which has 309 stores, said it expects like-for-like sales for the six months to April to come in 2.1% higher than the same time last year, and said total revenues will reach £91.5 million.

That's down from growth of 5.5% in the first quarter, although it's better than the 18.5% fall in sales reported in the six months to April 2009.

Chief executive Matt Williams said: "The results across the first half of the year demonstrate that levels of consumer confidence remain unstable and trading patterns during the second quarter have been subdued.

"We have a resilient business model and we are satisfied with the performance to date."

In response, the shares fell almost 10% to 55¼p.