Tapi Carpets has reported its first operating profit outside of the Covid period, reflecting strategic growth and cost management.
- The retailer achieved a remarkable profit increase of £10m for the year ending 31 December, a substantial turnaround from a £1.7m loss in 2022.
- A 7.9% rise in sales, reaching £171m, was largely attributed to the opening of seven new stores in 2023.
- The company’s performance analysis highlights organic growth, excluding contributions from the Carpetright transaction in July.
- Tapi’s leadership credits the firm’s focus on customer service and cost control during a challenging market environment.
Tapi Carpets has successfully returned to profitability in its latest financial report, marking an important financial milestone with its first positive operating results outside the Covid era. This notable achievement underscores the company’s strategic approach and resilience in a challenging market.
The financial turnaround is highlighted by a profit surge of nearly £10m for the fiscal year concluding on 31 December, starkly contrasting with a £1.7m loss recorded in 2022. This significant improvement is indicative of successful strategic initiatives and operational adjustments.
Key to this financial success is a robust 7.9% increase in sales, propelling total revenue to £171m. This growth is primarily driven by the strategic opening of seven new stores over the past year, with significant locations including Sutton, Speke, Putney, Crewe, and Bletchley.
The company has emphasised that the reported financial results purely reflect its organic performance, deliberately excluding gains from the Carpetright acquisition that was finalised in July. This distinction underscores Tapi’s inherent operational strength and market presence.
Managing Director Jeevan Karir acknowledged the persisting market challenges, stating, ‘The market remains tough, and consumers are under pressure, but the Tapi proposition, combined with outstanding customer service, is winning through.’ Karir attributes the financial achievements to the dedication of the company’s workforce and a steadfast commitment to customer satisfaction and tight cost control.
Tapi Carpets’ strategic focus and operational discipline have successfully navigated market challenges to achieve a return to profitability.
