York’s Gear4music sees sales rise 68% during lockdown

Shares of York-based online music equipment retailer Gear4music rose almost 30% on Thursday after it reported a 68% rise in sales to £37.3 million in the three months to June 30, 2020.

Gear4music shares have soared more than 100% so far this year.

Gear4music 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.

“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.”

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Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.