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
The Papers
RETAIL INSIGHTS
RETAIL SOLUTIONS
• The HR Summit 2019
• AI in Retail Conference 2019
• Omnichannel Futures Conference 2020
• Future of Retail Marketing 2020
ABOUT
CONTACT
SUBSCRIBE FOR FREE
Gear4music posts half year revenue growth

Online musical instruments retailer Gear4music has seen a strong increase in half year revenue after trading was boosted by international sales growth, rising website traffic and… View Article

GENERAL MERCHANDISE

Gear4music posts half year revenue growth

Online musical instruments retailer Gear4music has seen a strong increase in half year revenue after trading was boosted by international sales growth, rising website traffic and improving conversion rates.

In the six months to 31 August, UK revenue climbed by 30% to £17.9 million while international revenue surged by 70% to £13.3 million.

Meanwhile, gross profit was up 36% to £7.8 million.

Andrew Wass, Gear4music chief executive, said: “I am very pleased with these results which combine tangible strategic and commercial progress with 44% revenue growth, which was ahead of our expectation for H1 as indicated at the start of the year, equating to two-year growth of 150%.

“Revenue growth in our core UK market continues to be strong, alongside a very strong performance in our international markets, supported by our new distribution centres that have improved our scale and customer proposition across Europe.”

During the period, the number of active customers grew by 44%.

Gear4music has just launched a US website which it says marks an important stepping stone in its plans for growth outside of Europe.

Wass added: “As highlighted in previous announcements, we expected increased operational costs and investment in our customer proposition to restrict profitability during H1, but we are well prepared for a busy seasonal period and the group continues to trade in line with the board’s expectations for the full year.”

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

The HR Summit 2019
The HR Summit 2019
8 October 2019
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 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, London W1G 9DT
CONFERENCE AIMED AT RETAILERS WORKING IN MARKETING, IT, DIGITAL, DATA AND TECHNOLOGY
Omnichannel Futures Conference 2020
Omnichannel Futures Conference 2020
5 February 2020
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Future of Retail Marketing 2020
Future of Retail Marketing 2020
10 June 2020
Cavendish Conference Centre, London W1G 9DT
The Future of Retail Marketing for Customer Engagement