Europe success sees revenues up 73% at Gear4Music
MUSIC retailer Gear4Music has increased overall revenues by 73% after more than doubling European sales.
Overall revenue increased from £12.5m for the half year to 31 August 2015, to £21.6m in the same half this year.
European sales more than doubled from £2.9m to £7.8m during the same period.
Its success in Europe will see it establish its first European distribution centre in Sweden which it expects to be operational by November 2016. It will also be opening a second unidentified base by the end of the year.
Gear4Music said this would increase capacity to enable the business to deliver more than £100m in revenues.
Gear4music chief executive officer, Andrew Wass, said: “This additional distribution capability will also be augmented with localisation of some purchasing and merchandising functions, ensuring the business is well placed for any Brexit eventuality.”
He continued: “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.”
