February 27, 2020 / 7:33 AM / in a month

Topps Tiles warns on profit as Britons avoid home improvement

LONDON, Feb 27 (Reuters) - British tile and wood flooring retailer Topps Tiles warned on full year profit on Wednesday, blaming weak consumer spending in the home improvement sector.

The group said retail like-for-like sales fell 5.5% in the eight weeks to Feb. 22, having fallen 5.4% in its fiscal first quarter.

It forecast that first half profit will be significantly below the prior year level, while profit for the full year to Oct. 3 will be “materially below” the bottom end of the current range of market expectations of 13.5 million pounds ($17.54 million) to 14.5 million pounds. ($1 = 0.7696 pounds) (Reporting by James Davey; editing by Sarah Young)

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