Gear4music posts strong UK sales growth
Online musical instrument retailer Gear4music has seen its third quarter UK sales rise by 13% on the same period last year and by 24% on two years ago.
In the three months to 31 December, gross profits increased by 27% compared to the same period in 2019.
However, sales in Europe and the rest of the world declined by 27% on last year but were up 9% on a two-year basis after European growth was restricted due to short term Brexit related challenges. To address this, the company is currently scaling up its new European distribution centres.
Following Gear4music’s acquisition of AV Distribution in December, it launched AV.com on 13 January to enable it to widen its market through the sale of home cinema and HiFi equipment.
The company said its EBITDA for the full year continues to be in-line with consensus market expectations.
Gear4music’s chief executive Andrew Wass (pictured) said: “We are pleased to report that financial performance during the FY22 peak seasonal trading period was in line with the board’s expectations, demonstrating good progress when compared with the same period in FY20.
“We have a strong pipeline of new products, ecommerce system developments and new website features due to be launched throughout FY23, and as such, we remain confident in our long-term profitable growth strategy.”
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