November 26, 2019 / 7:25 AM / 3 months ago

Topps Tiles warns of slack demand following UK election announcement

Nov 26 (Reuters) - Britain’s biggest tile retailer Topps Tiles said on Tuesday sales in the first eight weeks of the current financial year fell, hit by economic and political uncertainty that has squashed consumer demand.

“At the start of the new financial year, trading conditions have become more challenging, with consumer demand weakening further since the General Election was called in late October,” the company said.

Retail like-for-like revenues fell by 7.2% in the first eight weeks of the new financial period after the company reported a 1.6% drop in pretax profit for the year ended Sept. 28. (Reporting by Pushkala Aripaka in Bengaluru; Editing by Shailesh Kuber)

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