Wednesday, June 26, 2019

Gear4Music sales hit the high note

gear4music half year

Specialist music retailer Gear4Music has reported a 58 per cent surge in annual like-for-like sales in its preliminary full-year report, spurred on by a 49 per cent jump in active customers.

The firm‘s year-on-year like-for-likes rose to £56.1 million in the 12 months to February 28, boosted by a 124 per cent increase in sales across its international markets.

Gear4Music also expanded its distribution network in this period, opening new centres in Sweden and Germany.

READ MORE: Gear4Music rocked by record sales

In the UK, the retailer reported a 34 per cent increase in like-for-likes to £34.86 billion, while its number of active customers has grown to 339,800.

“We are extremely pleased with our trading performance over the last 12 months,” Gear4Music chief executive Andrew Wass said.

“Whilst continuing to invest in the future growth of the business, we have closely managed our costs and the board is now confident of delivering profits for the year marginally ahead of our increased expectations signalled in January.”

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