Topps Tiles profits fall yet again

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But the country's biggest tile retailer may have turned the corner, having seen same-store sales rising 3.2% during the seven weeks since its year end.

The company's headline profits dropped from £17.5 million to £16.3 million in the year to October 2 on sales up 2% at £182.4 million.

Topps, which trades from 312 stores, is paying a final dividend of 1p having suspended pay-outs last year. The shares rose 3p to 62p.

Revenue rose 2% to £182.4 million, with sales at stores open over a year up 1.7%.

"We are encouraged by current trading despite the challenging economic outlook and subdued levels of consumer confidence," said chief executive Matthew Williams.