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Gear4Music sales up 55%

Online musical instrument retailer Gear4Music saw its sales climb by 55% year-on-year to £24.4 million in the four months to 31 December.

GENERAL MERCHANDISE

Gear4Music sales up 55%

UK sales rose by 29% while sales in Europe climbed by 129%.

The company also increased sales of its own brand products by 63% which supported strong gross margins.

Gear4music’s chief executive Andrew Wass said: “We continued to deliver a strong sales performance during the last four months including the festive period, and with year to date growth of 63%, the group remains on-track to deliver annual revenues in-line with the board’s expectations.”

The number of active customers grew by 53% to 324,000 in the period. In addition, the company’s new Swedish distribution centre is now operational and a new centre in Germany will be up and running by the end of the year.

Wass added: “ The board is now confident that Gear4music is well placed to deliver profits for the full year that will be ahead of the increased expectations signalled at the half year stage.

“As the business continues its programme of investment into distribution centres, websites, systems, products and people, we remain confident of delivering on our growth strategy.”

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