Tapi sales up 40% between lockdowns
January 14, 2021
Tapi sales were up 40% between lockdowns across its 140 UK stores and the chain expects to have ended 2020 ahead of its performance in the previous year.
The company said innovation had carried it through the challenging environment. “Tapi has had a very successful trading period since the first lockdown. Revenue in 2020 is expected to finish above the prior year despite eight weeks of full store closures and a further four weeks of partial closures,” says the chain’s latest statement to investors.
“The current pandemic has bought huge uncertainty to the UK economy and consumer confidence [but] the innovative culture of the Tapi business has meant that we have been able to focus on the area of the business which ensures customers are satisfied in a safe way in-store and via digital channels,” it said.
Strong investment in digital marketing in 2019 appears to have paid off. The company says its improved online experience, online sampling, video appointments and mobile showroom home visits have been key factors in boosting performance.
The comments were contained in Tapi’s latest accounts filed for the 12 months ending 28 December 2019 which showed substantial growth of 23% in sales, to £97.4m from £79m in 2018. Profits, however, took a hit given the high levels of investment, with pre-tax losses for 2019 of £17.5m compared to a loss of £17.5m in the previous year.
The company said innovation had carried it through the challenging environment. “Tapi has had a very successful trading period since the first lockdown. Revenue in 2020 is expected to finish above the prior year despite eight weeks of full store closures and a further four weeks of partial closures,” says the chain’s latest statement to investors.
“The current pandemic has bought huge uncertainty to the UK economy and consumer confidence [but] the innovative culture of the Tapi business has meant that we have been able to focus on the area of the business which ensures customers are satisfied in a safe way in-store and via digital channels,” it said.
Strong investment in digital marketing in 2019 appears to have paid off. The company says its improved online experience, online sampling, video appointments and mobile showroom home visits have been key factors in boosting performance.
The comments were contained in Tapi’s latest accounts filed for the 12 months ending 28 December 2019 which showed substantial growth of 23% in sales, to £97.4m from £79m in 2018. Profits, however, took a hit given the high levels of investment, with pre-tax losses for 2019 of £17.5m compared to a loss of £17.5m in the previous year.
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