Sunday, September 24, 2017

Gear4Music rocked by record sales

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Strong own-brand and international sales has helped musical instrument retailer Gear4Music record a surge a like-for-likes in the run-up to Christmas.

Following continued strong growth in the UK and Europe, the online retailer raked in £24.38 million in total sales during the four months to December 31, a massive 55 per cent increase compared to the same period in 2015.

Sales in the UK alone went up by 29 per cent in that same month period, from £11.6 in 2015 to £15.01 in 2016. Meanwhile, international sales skyrocketed by 129 per cent from £4.08 million to £9.36 million.

Gear4Music also had a 63 per cent growth in sales of own-brand products, which supported the retailer’s strong gross margins.

“We were particularly pleased with our own-brand sales performance during the period, which was driven by improving conversion rates and investment in additional stock,” Gear4Music chief executive Andrew Wass said.

“As a result of this and a controlled overhead cost base, the board is now confident that Gear4music is well placed to deliver profits for the full year that will be ahead of the increased expectations signalled at the half year stage.

“As the business continues its programme of investment into distribution centres, websites, systems, products and people, we remain confident of delivering on our growth strategy.”

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