Gear4music reports strong sales growth
Online musical instruments retailer Gear4music increased its total sales by 36% to £42.5 million in the six months to 31 August.
The retailer also saw its number of active customers grow by 40% to 547,000.
While UK sales were up 34% in the period, international sales climbed by 39%.
Gear4music’s chief executive Andrew Wass said: “We have continued to make good progress over the last six months, with sales growth during the period of 36% being ahead of our expectations.
“Our core UK market continues to perform well and with the UK distribution centre upgrades we announced in May progressing to plan, we are well positioned to deliver further strong sales growth during the busier second half of the year.
“Whilst still strong, European sales growth reflects a slower than anticipated build-up of inventory at our European distribution hubs, particularly in Sweden.”
Gear4music will complete a move into a new higher capacity Swedish distribution centre by the end of October. It has also recently expanded its European purchasing team as it looks to increase the range and depth of inventory at both of its Swedish and German locations ahead of the peak trading season.
The company has also confirmed that it will be changing its accounting reference date from 28 February to 31 March to make its reporting cycle more compatible with its seasonal trading patterns.
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