THE RETAIL BULLETIN - The home of retail news
HOME
Department Stores
Electricals
Entertainment
Fashion
Food & Drink
General Merchandise
Health & Beauty
Home & DIY
Interviews
Newsletter
Property
Shopping Centres & Retail Parks
Sports & Leisure
RETAIL INSIGHTS
RETAIL SOLUTIONS
Omnichannel Futures Conference 2020
Online Conversion Summit 2020
Future of Retail Marketing 2020
The HR Summit 2020
AI in Retail Conference 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Gear4music posts half year sales and profit growth

Musical instruments retailer Gear4music grew its total sales by 16% to £49.4 million in the six months to 30 September. While sales in the UK edged… View Article

ENTERTAINMENT

Gear4music posts half year sales and profit growth

Musical instruments retailer Gear4music grew its total sales by 16% to £49.4 million in the six months to 30 September.

While sales in the UK edged up 3% to £24.8 million, international sales climbed by 33% to £24.6 million.

Gross profit also improved, increasing by 29% from £9.6 million to £12.4 million.

During the period, Gear4music benefited from a more profitable margin structure.

Gear4music’s chief executive Andrew Wass said: “I am very pleased to report that we have achieved our primary objective for the period of materially improving our gross margins. By cutting out less profitable sales and focusing on higher margin products, we have delivered an FY20 H1 gross margin of 25.2% and a 29% increase in gross profit.”

The company also said that it is continuing to trade in line with its full year EBITDA expectations as it heads towards the festive trading period.

Wass added: “Our re-focused growth strategy is now in place and we are confident that the business is effectively configured to achieve a sustainable level of profitable growth.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Online Conversion Summit 2020
Online Conversion Summit 2020
April 30 2020
The Hallam Conference Centre, London W1W 6JJ
The Retail Bulletin Online Conversion Summit 2020 Partnered by IMRG
Future of Retail Marketing 2020
Future of Retail Marketing 2020
9 June 2020
Hallam Conference Centre, 44 Hallam St, London W1W 6JJ
The Future of Retail Marketing for Customer Engagement
The HR Summit 2020
The HR Summit 2020
1 October 2020
Hallam Conference Centre, London W1W 6JJ
Company values, collaboration with employees and driving a major HR transformation to create a truly omnichannel experience, need to be at the heart of the organisation's culture and brand
AI in Retail Conference 2020
AI in Retail Conference 2020
14 October 2020
Hallam Conference Center, 44 Hallam Street, London W1W 6JJ
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY