Tiles retailer Tile Giant has reported a decline in sales as losses widening, but reaffirmed its position to bounce back following a restructuring.
According to its latest filed accounts for the year ended 31 December 2020, total sales fell 9% to £44.1m from £48.5m in 2019.
Gross profit decreased from £23.3m to £18.9m, while pre-tax losses resulted at £4m, widening from a loss of £1.8m recorded the previous year.
Stated within its report, the company said that over the course of 2020 a comprehensive strategic review was undertaken, resulting in a number of loss-making stores being closed, and the distribution centre being relocated to a central facility by the close of the year.
Furthermore, the company was acquired by Coverings Ltd from Travis Perkins Plc at the end of September 2020.
Since, the business said it has seen market share growth during 2021, including within its flooring category, which was launched during that year. The company anticipates future store growth in areas such as North London, the South West and Wales, as well as other major UK cities.
“With a new highly energised and strengthened senior leadership team, proven in aggressive growth turnarounds, balanced with unrivalled tiles sector expertise, we anticipate a rapid acceleration of EBITDA performance in 2021,” the company said in May 2022.