Gear4Music reports strong full year sales growth
Online musical instrument retailer Gear4Music has seen a 46% increase in its full year total like-for-like sales following strong growth in both the UK and Europe.
In the 12 months to 29 February, sales in Europe surged by 73% while UK sales rose by 39%.
The company said the strong European growth was driven in part by competitive pricing.
Gear4Music increased its customer base by 190,000 in the year.
Andrew Wass, Gear4music’s chief executive, said: “We have been extremely pleased with the trading performance of Gear4music over the year. It’s been a pivotal 12 months for the business as we’ve been able to deliver strong growth in both the UK and Europe, whilst completing our IPO.
“We continue to execute our strategy with proceeds from the IPO invested into stock, systems and website improvements which, combined with the hard work of our growing and talented team, has helped us to significantly increase our market share. This has resulted in revenues and profits for the financial year being at the higher end of the board’s expectations.”
Following a successful trial over Christmas, seven days a week dispatch and delivery has been continued across a range of products. Gear4Music said the service has been well received by customers and continues to drive sales volumes.
Wass added: “We believe that the company is well capitalised and well positioned to continue implementing our profitable growth strategy, as we build on the success of our UK and international expansion with a constantly improving customer proposition.”