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Gear4music boosted by strong lockdown trading

Gear4music increased its sales by 68% to £37.3 million in the three months to 30 June as it benefited from people having more time to play… View Article

GENERAL MERCHANDISE

Gear4music boosted by strong lockdown trading

Gear4music increased its sales by 68% to £37.3 million in the three months to 30 June as it benefited from people having more time to play musical instruments during lockdown.

UK sales rose by 80% to £21.2 million while international sales climbed by 55% to £16.1 million.

In a trading update, the online retailer said it is now confident that it will see a significant improvement in profits in its full year which are now expected to be ahead of previous expectations.

Gear4music’s chief executive Andrew Wass said: “As previously reported, the Covid-19 lockdown created an exceptionally strong period of trading for the group during April and May 2020.

“The strong trading momentum has continued into July, and we continue to achieve higher gross margins and with a lower marketing cost than we would typically expect, alongside a controlled cost base.”

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