Gear4music sales up 73% following success in Europe
Online musical instrument retailer Gear4music has achieved a 73% increase in half year sales after seeing strong growth in Europe.
In the six months to 31 August, sales grew to £21.6 million from £12.5 million in the same period a year earlier.
Gear4music chief executive Andrew Wass said: “We are very pleased to have sustained the strong sales momentum announced on 29 July and achieved 73% like-for-like revenue growth during the half year, and overall profitability in the period will be ahead of management expectations as we head into the key second half trading period.
“This impressive growth reflects our focus on continual investment in and improvement of our product range, websites, systems and overall customer proposition, and the commitment of our hard working team.”
While UK sales rose by 44%, sales in Europe surged by 169% as the retailer looks ahead to opening a new distribution centre in Sweden this November. It is also working towards opening a second European hub before the end of this calendar year.
Gear4music said the additional distribution capability will also be augmented with localisation of some purchasing and merchandising functions to ensure that the business is well placed for any Brexit eventuality.
During the period, Gear4music grew its number of active customers from 187,000 to 271,000.
