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Investing.com -- British tile retailer Topps Tiles (LON:TPT) posted a 10.1% increase in third-quarter adjusted sales on Wednesday, driven by strong demand from builders and contractors, along with signs of recovery from homeowners.
The sales growth represents a significant improvement compared to the 4.1% growth recorded in the first half of the year.
Following the positive results, Topps Tiles shares rose 8.4% in trading.
The company stated it now expects its group adjusted gross margin in the second half to be slightly higher than in the first half of the year.
Additionally, operating costs for the second half are anticipated to grow at a lower rate than gross profits.
Topps Tiles also provided an update on its CTD Tiles business, noting that it expects this division to be at least breakeven by the fourth quarter.
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