// Gear4music revenue grows 5% to £49.5m in the run up to Christmas
// UK sales were flat at £26m in the three months to 31 December
Gear4music UK sales were flat at £26 million in the three months to 31 December, after trading was affected by Royal Mail strikes and weakened consumer confidence.
The musical instrument retailer said gross profit came in at £12.7 million to mark a 6% decline on the same time in the previous year.
It reported a revenue growth of 5% to £49.5 million in the run up to Christmas despite consumers being affected by the cost-of-living crisis.
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Meanwhile, European sales rose by 11% after it improved the customer proposition in the region.
Gear4music chief executive, Andrew Wass said: “We are pleased to report that, despite several external challenges, financial performance during our FY23 peak seasonal trading period was in line with the board’s expectations.
“As we continue to make good progress with new growth orientated projects, we remain confident in our long-term profitable growth strategy, and that the group is appropriately resourced and well placed to make the most of opportunities as they arise.”
