Topps Tiles Q1 update: fifth straight like-for-like gain and tidy progress on strategy
Topps Tiles has kicked off its 2026 financial year with another clean quarter. For the 13 weeks to 27 December 2025, Group revenue excluding CTD rose by 3.7% year-on-year, with the core Topps Tiles brand delivering its fifth consecutive like-for-like rise. That outperforms a home improvement market that was negative in October and November.
Layer on a CEO handover, CTD’s Competition and Markets Authority (CMA) process now wrapped up, and the rapid relaunch of Fired Earth, and there is a lot to like here. It is not fireworks, but it is steady, well-executed retailing in a choppy market.
Key numbers from the Q1 trading statement
| Metric | Q1 outcome |
|---|---|
| Period covered | 13 weeks to 27 December 2025 |
| Group revenue growth (ex CTD) | +3.7% YoY |
| Group sales growth (incl. CTD) | +1.6% |
| Topps Tiles like-for-like revenue | +2.0% |
| Trade revenue growth | +3.7% YoY |
| CTD store like-for-like revenue | +4.7% |
| Online revenue mix (Group, incl. CTD) | 19.7% of revenue, +70bps vs FY 2025, +270bps vs Q1 last year |
| CTD stores trading | 22 (31 prior year) |
| Topps Tiles stores | 296 |
| CMA disposals | Completed in December 2025 |
Note: 2026 revenue figures are stated excluding VAT and before year-end accounting adjustments.
Core brand keeps comp growth going in a weak market
Topps Tiles brand like-for-like revenue rose by 2.0%, marking the fifth straight quarter of growth. That is backed by solid trade customer demand, up 3.7% year-on-year, and by “Mission 365” category extensions. Like-for-like simply compares stores (and online) open for more than 52 weeks against the same period last year.
Why it matters: Barclays’ UK Consumer Spend data shows Home Improvements and DIY at -0.5% in October and -3.0% in November. Against that backdrop, +2.0% like-for-like at Topps Tiles is a respectable beat. It suggests share gains and decent execution on ranges and pricing. The RNS notes continued cost inflation; we are not given margin detail, so the profitability read-across is not disclosed.
CTD: smaller estate, like-for-like up, CMA now done
Including CTD, Group sales grew by 1.6%. The CTD chain is now 22 stores versus 31 last year, reflecting four CMA disposals and other property decisions. The final CMA disposal completed in December, drawing a line under that process.
The good news is the stores that remain are growing: CTD delivered +4.7% like-for-like in the period. Management says this provides a solid foundation for CTD to deliver a profit in the 2026 financial year. That aim is encouraging, though we do not have margin or absolute sales disclosed.
My take: the reduced footprint naturally trims total Group growth, but the like-for-like suggests the retained estate is healthy. With the CMA distraction behind them, integration focus and cost discipline could do the heavy lifting in 2026.
Digital momentum: online mix at 19.7% and personalisation live
Group online revenue reached 19.7% of total in Q1, up 70 basis points versus the full 2025 year and 270 basis points against Q1 last year. That is a meaningful channel shift for a specialist retailer. The Bloomreach Customer Engagement Platform is now fully integrated and is said to be lifting engagement and reducing churn.
The Topps Tiles Trade App, highlighted as a future loyalty and lifetime value driver, is on track for launch in Q3 of the 2026 financial year. The “Mission 365” digital journey appears to be moving from plumbing to payoff. If the app lands well with trades, expect better frequency and basket metrics.
Fired Earth: fast relaunch positions the premium brand for 2026
Following the early December acquisition of the Fired Earth brand, website and stock, Topps had a fully operational supply chain and transactional website live by 16 December 2025. The Group says it has fulfilled strong customer demand and plans to optimise the opportunity in 2026 and beyond.
This is a quick, competent integration. It brings a premium design-led brand into the fold, which could broaden mix and margin if curated carefully. The purchase price and expected contribution are not disclosed in this update.
Leadership transition: new CEO in place, CFO coverage secured
Alex Jensen took over as CEO on 8 December 2025, with longstanding CEO Rob Parker retiring. The company also notes it has appointed an interim and a permanent CFO during the period; the interim CFO is named as Rob Swales, while the permanent CFO is not disclosed here.
Jensen’s comment points to growth across businesses, CTD like-for-like gains, completion of the CMA process and the Fired Earth acquisition, alongside confidence in strategic and financial progress for the year. The handover looks orderly, which should help keep execution tight through peak project season.
Why this update matters for investors
- Outperformance vs market: Delivering growth while the wider home improvement market shrinks is a clear positive for market share.
- Channel and customer quality: Online mix nearing 20% and a strengthening trade proposition can support resilience and better unit economics.
- CTD turning the corner: Smaller estate, like-for-like growth and the CMA process closed removes a key overhang. Profit ambition for 2026 is a sensible marker.
- Brand portfolio upgrade: Fired Earth adds premium credentials. Speed of relaunch suggests execution capability.
Balanced against that, we do not get margin, cash or absolute revenue numbers in this trading update. Cost inflation is still a headwind and home improvement spend was negative in October and November. The December market read was not published at the time of the statement.
What I am watching next
- CTD profitability trajectory in H1 2026 and any detail on synergy benefits.
- Online conversion and repeat rates following the Bloomreach rollout.
- Adoption and early KPIs from the Topps Tiles Trade App after its Q3 launch.
- Fired Earth integration milestones, assortment breadth and any disclosure on contribution.
- Any commentary on gross margin performance amid continued cost inflation.
Bottom line: steady growth, tidy execution, and optionality building
After record revenues in FY 2025, Topps has started FY 2026 with measured, broad-based progress. Like-for-like growth in the core brand, CTD moving ahead on a like-for-like basis, a higher online mix, and a rapid reactivation of Fired Earth make for a reassuring update. With the CEO transition complete and the CMA chapter closed, the focus can shift to profitable growth.
It is not a knockout quarter, but in this market, steady and repeatable is a strength. Guidance detail is light, but the tone is confident and the levers are clear. One to watch for incremental upgrades if execution continues.
