Gear4music sales exceptionally strong during lockdown
Online musical instruments retailer Gear4music has said it experienced exceptionally high levels of demand during the Covid-19 lockdown as more people learned how to play a musical instrument to keep themselves busy.
In its full year results statement for the year ending 31 March, the retailer said it has seen very little disruption in its order processing and fulfilment operations throughout the lockdown period despite the uplift in demand.
Andrew Wass, Gear4 music chief executive, said: “With an increasing number of people throughout the Covid-19 lockdown recognising the benefits that playing , creating and recording music can bring , we have seen a significant increase in demand during this exceptional period. Positive sales trends with improved margins have continued into June, and we have also incurred lower marketing costs than we would typically expect.”
The retailer posted a 2% increase in revenue to £120.3 million in the 12-month period and made a return to profitability. It also grew its number of active customers by 11% to 807,000.
Looking forward, Wass said: “The improvements we have made during FY20, and the exceptionally strong trading we have experienced during the lockdown period, mean we are financially stronger and better placed than ever to make the most of future growth opportunities within our market.
“Therefore, whilst still early in the current financial year, the Board is confident of continued financial improvements during FY21 and look forward to the year ahead with optimism.”
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