Carpet retailer grows sales to almost £160m; CEO departs

Carpet and flooring retailer Tapi Carpets has reported a growth in sales as turnover reached almost £160m.

According to its latest filed accounts for the year ended 31 December 2022, total sales rose 15% to £158.3m from £137.4m in 2021.

Pre-tax losses resulted at £1.5m, down from a profit of £5.4m recorded the previous year.

Stated in its report, Tapi said it produced ‘robust growth’ in both customer numbers and revenue due to its customer service and continued development on flooring ranges offered.

“The new customers earned in the year, as well as an increasing number of repeat customers, is a testament to the unrivalled focus on a market leading customer experience across all touchpoints of the business, reflected in our impressive net promoter score of over 70 for the year,” the company said.

“New product launches and a revised pricing strategy offset cost price inflation with the gross profit ratio flat year-on-year. Despite a challenging retail market, the business is delivering positive like-for-like revenue and gross margin % growth in the first half of 2023.

“This alongside a focus on removing waste and optimising variable costs means that we expect significant increases EBITDA profitability for 2023 as well as net profit before tax.”

Since its year end and in recent news, Tapi’s CEO James Sturrock, the former boss of eveSleep, has stepped down from his role after four years after joining raw pet food provider Bella & Duke.

It is understood that Tapi is not seeking to replace James at this time. Jeevan Kirar, a former Carpetright finance director, has been in the role of managing director since August last year.

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