THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
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 improving conversion rates.

GENERAL MERCHANDISE

Gear4music posts half year revenue growth

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

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
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