Sports retailer faces mixed results amidst ‘challenging market’

Castle Bromwich designer and sports and leisure equipment retailer Tandem had a mixed bag of results in its report for the fiscal year ending December 31, 2023.

Revenue and profitability challenges were linked to tough market conditions, with the retailer’s performance aligning with others in the sector.

Total revenue for 2023 was £22.2m, down from £26.7m in 2022, also reporting a loss before taxation of £1.2m, compared to a profit before taxation of £0.9m in 2022.

The company maintained a gross profit of £6.0m, with a gross profit margin of 27.0%. The margin was lower than the previous year’s 29.2%, also reflecting challenging market conditions.

Despite the overall revenue decline, Tandem’s eMobility segment performed well, rising by 44% compared to 2022.

S J Grant, chairman of Tandem said: “Despite facing challenges early in 2024, signs suggest a recovery in the retail industry, and upcoming budget changes could boost consumer spending. The board is confident in our strategy, which focuses on innovation, customer satisfaction, and operational excellence.”