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Topps Tiles is still posting growth figures

Topps Tiles is still posting growth figures that ought to be the envy of the retailers that do not have the good fortune to be in one of the few consumer-facing sectors that is facing real growth: DIY.

Because of that, Topps is being evaluated on quite a demanding comparative basis, with The City earlier this year honing in on a 22% rise in full-year pre-tax profit.

The average forecast rise has subsequently edged down to an expectation of a rise of just under 20% on a clean.

In most consumer-facing sectors right now, that 200 odd basis points of error would suggest little change in terms of valuation, but in the robust retail sphere of home improvements we might have to regard it as a relative softening albeit a mild one.

The crucial six-week like-for-like growth figure was 100 basis points softer, although seasonal effects may account for the difference.

Ken Odeluga, a senior market analyst at www.cityindex.co.uk

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