Tapi Carpets has reported its first operating profit outside of the pandemic, following a £10 million turnaround for the year ending December 31, 2023. After a £1.7 million loss in 2022, the carpet retailer saw sales rise by 7.9% to £171 million, largely due to the opening of seven new stores in locations such as Sutton, Speke, and Putney.
The company's latest results do not include any contributions from its acquisition of Carpetright in July, focusing solely on its organic growth. Tapi credits its improved performance to both its sales growth and a strict focus on cost control.
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Despite the challenging market conditions and pressures on consumers, managing director Jeevan Karir emphasised the company's ability to thrive, attributing success to its strong customer service and the dedication of its staff. He noted that Tapi's momentum has continued into the first half of 2024, with the business remaining committed to delivering quality products and services to its customers.
The company's return to profitability highlights its resilience and ability to navigate a tough retail environment, positioning it for further growth in the coming years.
Source: www.retailgazette.co.uk