// MusicMagpie has said its financial performance in the year to 30 November was in line with expectations
// The retailer said increased activity in November helped it to achieve record Black Friday week sales
MusicMagpie has said it “remains confident” despite trading through a “challenging consumer environment and growing cost pressures” after achieving record Black Friday sales.
The Stockport-headquartered retailer said that following “cautious consumer behaviour” over the summer and early autumn, November saw increased activity that ended in record sales during the Black Friday week.
As a result, the retailer is now expecting full-year revenue for the group to come in at £144.8 million compared to £145.5 million in the prior year.
Meanwhile, EBITDA is anticipated to be in line with management’s expectations.
Subscribe to Retail Gazette for free
Sign up here to get the latest Asda news straight into your inbox each morning
Giving an update on its rental service, the company said its number of active subscribers stood at 30,500 at the end of the period to mark a 27% uplift since the end of its first half.
Looking ahead, MusicMagpie said: “Whilst cognisant of the challenging consumer environment and growing cost pressures on both businesses and the consumer, the board remains confident in the group’s strategy and in its medium-term growth prospects, underpinned by the growing and differentiated rental proposition.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
