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Gear 4 Music reports 9% increase in FY sales despite Covid-19 impact

Musical instruments retailer, Gear 4 Music has reported a 9% increase in sales to £120.3m amid the Covid-19 pandemic.

In its full year figures ended 31 March 2020, the retailer reported a 5% increase in UK sales to £61.8m compared with £58.9m in 2019. Sales in Europe and the rest of the world also increased by 15% to £58.5m.

The retailer revealed it expects its full-year EBITDA to increase no less than £7m compared with £2.3m in 2019.

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Andrew Wass, CEO said: “I am very pleased to report that we have achieved our primary FY20 objectives of improving our operational strength and driving efficiencies in order to restore gross margins, resulting in record profits for the group.

“FY21 has begun with operational challenges relating to Covid-19, and our focus has been on protecting the health and safety of our employees, whilst ensuring service levels are maintained for our customers.”

He added: “I am extremely grateful for the extraordinary hard work and commitment our teams have demonstrated, which has allowed us to successfully satisfy the high demand we have encountered since late March, as an increasing number of people recognise the benefits that playing musical instruments can bring during these difficult times.

“We remain confident that our business is appropriately configured to achieve long term profitable growth, and that we are in a strong position to build upon the excellent progress we have made during FY20.”

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