Major growth in vinyl sales is behind a solid performance for Golden Discs last year.
The group reports turnover for the year to the end of December 2018 of €13.2m, giving them a profit of €192k for the year.
The company opened new stores in Navan, Kilkenny, Limerick and Dublin’s Liffey Valley Shopping Centre during the period and expects to announce two new store openings next month.
Golden Discs reported their vinyl sales went up more than 40% on previous year’s sales, while they also introduced more merchandise and apparel and extended headphone and hardware lines adding new premium brands.
“The vinyl renaissance and renewed interest in physical product shows no signs of abating,” said Golden Discs’ Chief Executive Stephen Fitzgerald.
“Ownership is an issue for many music fans. Consumers want to browse and shop physical product. Whether for superior sound quality or tangibility, our experience is that consumers want to own their own music.”
The company also reported strong growth in its online business and they will also launch a new app and loyalty program towards the end of the summer.
Despite the recent warm weather and accompanying slow-down in the retail sector, the company reports its year-to-date performance is in line with forecasts and expects continued growth on the back of an encouraging forthcoming release slate for Christmas trading.
Photo: Golden Discs’ Chief Executive Stephen Fitzgerald.
