LONDON Oct 5 British flooring retailer Topps
Tiles said sales were growing at a slower rate in the
fourth quarter of its financial year, dragged down by weaker
consumer confidence following Britain's vote to leave the
Britain's economy has held up better than expected following
the June 23 vote, but surveys have shown consumer confidence
took a hit in the immediate aftermath of the referendum.
The tile supplier said it grew sales to a new record in the
year to Oct. 1, but indicated market conditions in the final
three months had deteriorated.
Like-for-like sales were up 1.4 percent in the fourth
quarter, compared with the 6.2 percent growth recorded in the
previous three months. Sales were up 4.2 percent in the full
The retailer, which targets the domestic refurbishment
market in Britain, often tracks the wider health of the housing
market and can struggle when consumers decide not to move home
or splash out on home improvements.
The Bank of England said last week that British mortgage
approvals had fallen in August to their lowest level since
November 2014, however consumer morale recovered from a
post-referendum dip in September according to a GfK consumer
(Reporting by Helen Reid; editing by Louise Heavens)