Gear4music boosted by strong Black Friday sales
Musical instruments retailer Gear4music increased its sales by 7% to £30.4 million in the two months to 31 December following strong Black Friday trading.
UK sales rose by 6% to £15.9 million while European sales climbed by 7% to £14.5 million. There was also an uplift in gross profit which rose by 18% to £8 million.
Gear4music’s chief executive Andrew Wass said: “I am very pleased to report a successful FY20 peak trading period, that reflects the commercial and operational progress we have made across the business during the last calendar year.
“As previously communicated, our primary FY20 objective has been to improve our operational strength and efficiency, gross margins and profitability relative to quickly growing market share during FY19.”
The company said its upgraded infrastructure helped it to comfortably dispatch over 26,000 consignments over the Black Friday to Cyber Monday weekend. This was 34% more than during last year’s Black Friday period.
Looking ahead, Wass added: “We are pleased to report that as a result of our focused strategic and operational initiatives, profits for the current financial year are expected to be at least in line with the board’s expectations. We remain confident in the medium to long term growth opportunity, whilst continuing our focus on improving gross margins and sustainable profitability.”
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