Gear4Music reports 42% sales rise

Gear4Music [IRDX RGRM] reported a 42% rise in sales in its latest quarter following investment in the customer experience and in international markets.

The online musical instrument and equipment retailer, a Top150 trader in IRUK Top500 research, said today that total sales came in at £34.6m in the four months to December 31, up by 42% on the same time last year. In the UK market, sales of £18.8m were 25% ahead, while international sales of £15.8m were 69% up on last time.

As of December 31 2017 it had 450,000 active customers, up by 38% on the previous New Year’s Eve. The retailer said that website conversion had lifted to 3.3% over the period, up from 3% a year earlier.

Chief executive Andrew Wass said: “Growth in our more established UK market has remained strong alongside very strong growth in our international markets, which are being further driven by an improved delivery proposition as we continue to scale up our European hubs. Our Swedish distribution centre now fulfils over 50% of all our Scandinavian orders and our German distribution centre, which became operational just 10 months ago, dispatched over 800 orders on its busiest day in December.

“We are confident that the group will continue to grow rapidly over the medium and longer-term as we continue our mission to become the best musical instrument and equipment retailer in Europe.”

York-based Gear4Music now sells from showrooms in York and Sweden and sells online to more than 190 countries, delivering from York, Sweden and Germany. It seems own-brand musical instruments and equipment as well as third-party brands. During the latest four months, it said, both own-brand and third-party brand revenues grew by 42%.

Paul Hickman, analyst at Edison Investment Research said: “Gear4music has fulfilled the strong expectations of its four-month Christmas trading period. Revenue growth of 42% is consistent with H1 and is in line with expectations, both in the UK and faster growing international markets. This means that the online model continues to take share, achieving growth far ahead of consumer fundamentals and building on its market-leading position.”

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Gear4music is a UK based ecommerce retailer that specialises in musical instruments and music equipment. (more…)

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