Topps Tiles (TPT) Q2 2026 TU earnings summary

Executive summary

• Delivered continued trading outperformance despite challenging market conditions and subdued consumer sentiment.

• Implemented significant self-help measures to drive profitability, including cost-saving interventions and store closures.

• Digital and data strategy advanced, with online revenue rising to 21.0% of total revenue.

Financial highlights

• Total group revenue for the first half was £142.7m, down 0.1% year-over-year due to CTD volume loss.

• Group revenue excluding CTD grew by 2.1% year-over-year; second quarter growth moderated to 0.6%.

• Like-for-like revenue growth was 0.1% in the first half.

• CTD stores recorded like-for-like growth of 1.0% in the first half.

Outlook and guidance

• On track to return CTD business to profit in the financial year, with housebuilder volume rebuilding.

• Self-help measures expected to reduce revenue but improve profitability through cost reduction and sales transference.

• Savings from interventions weighted toward the second half, underpinning in-year and future profit growth.