Gear4music reports 80% increase in UK sales
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Gear4music has reported an 80% increase in UK sales to £21.2m in its first quarter of the current year, compared with £11.8m in 2019.
In the three months to 30 June, the company reported a 68% increase in total sales to £37.7m, compared with £22.2m in the same period last year.
Sales across Europe and the rest of the world increased by 55% to £16.1m, compared with £10.4m in 2019.
The musical retailer said it now expects its full-year profits to be “ahead of the board’s expectations”.
CEO, Andrew Wass, said: “As previously reported, the Covid-19 lockdown created an exceptionally strong period of trading for the group during April and May 2020, and further strong trading in June resulted in Q1 revenue growth of 68% compared with the same period last year.
“The strong trading momentum has continued into July, and we continue to achieve higher gross margins and with a lower marketing cost than we would typically expect, alongside a controlled cost base.”
He added: “As a result, and whilst still early in the current financial year, the board is confident that a significant improvement in profits will be achieved for the full financial year, which are now expected to be meaningfully ahead of our previous expectations.”
