Tapi Carpets returned to profit in its latest annual results, marking its first operating profit outside of Covid.
The carpet retailer saw profit spike by almost £10m for the year ended 31 December, up from its £1.7m loss in 2022.
Sales climbed by 7.9% to £171m, driven by seven new store openings in 2023, including sites in Sutton, Speke, Putney, Crewe and Bletchley.
The flooring giant noted its update solely represented the organic performance of Tapi and did not include any contribution from its Carpetright transaction carried out in July.
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It added its improved performance reflected the benefits of sales growth and its “continued focus on tight cost control across the business”.
Tapi Carpets managing director Jeevan Karir said: “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.”
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