Gear4music posts 5% uplift in Christmas sales
Gear4music grew its revenue by 5% to £49.5 million in the lead-up to Christmas despite UK trading being impacted by weakened consumer confidence.
In the three months to 31 December, European sales rose by 11% following the online musical instrument retailer’s investment in improving the customer proposition in the region.
Meanwhile UK revenues were flat at £26 million after trading was also hit by Royal Mail strikes throughout December and the knock-on disruption of other couriers.
The retailer’s gross profit came in at £12.7 million to mark a 6% decline on the same time in the previous year.
Gear4music’s chief executive Andrew Wass (pictured) 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 bBoard’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.”
