Flooring retailer Tapi Carpets has reported a growth in sales and a return to operating profit for the first time outside Covid.
According to its audited financial results for the year ended 31 December 2023, total sales rose 7.9% to £171m from £158m in 2022. Operating profit resulted at £8.1m, improving from a loss of £1.7m year-on-year.
The update solely represents the organic performance of Tapi and does not include any contribution from the Carpetright transaction, which completed in July 2024.
The growth in revenues reflected new store openings and a 4.1% like-for-like sales growth, despite the continued pressures on consumer spending. In total, seven new stores were opened in 2023, including sites in Sutton, Speke, Putney, Merthyr Tydfil, Hanworth Homebase, Crewe and Bletchley.
The improved performance in operating profit – its first outside of Covid – reflects the benefits of revenue growth and the continued focus on tight cost control across the business.
Jeevan Karir, Managing Director of Tapi, commented: “The market remains tough, and consumers are under pressure, but the Tapi proposition, combined with outstanding customer service, is winning through.
“Thanks to the commitment and dedication of our colleagues, we have delivered revenue growth and returned the business to profitability in 2023. Our progress has continued through the first half of 2024 as we remain focused on delivering for customers.”
