// Gear4music raises full year trading expectations
// Total sales rose 42% to £70.2 million in the 6 months to September 30
Gear4music has raised its full year expectations after recording a strong sales growth in its first and second quarters.
The online retailer saw its total sales rise by 42 per cent to £70.2 million in the six months to September 30 thanks to a sales rise in the UK of 48 per cent.
The company’s international sales increased by 36 per cent, while gross profit climbed by 60 per cent to £20 million.
The company said the strong sales growth has continued throughout October so it is now preparing for a busy Christmas trading period.
“I am pleased to report that following an exceptional trading period in Q1 FY21, these strong trading patterns have continued throughout Q2 resulting in revenue growth of 42 per cent for the first half,” Gear4music chief executive Andrew Wass said.
“Our customers are continuing to appreciate the benefits that playing and creating music can bring during these difficult times, as well as the continued convenience of ordering our products online.”
The retailer said it was helped by a focus on gross margin improvement, proportionally lower marketing spend and tightly controlled overhead costs in the period.
“We are mindful of the uncertainties posed by Brexit and Covid-19, but are confident in the actions we are taking and the ability and commitment of our amazing staff, to ensure that the business is well positioned to overcome any potential short-term challenges.
“As such, the board is confident that results for the full financial year will be ahead of previous consensus market expectations.”
Gear4music will publish its interim results for the six months ending September 30 on November 17.