Soaring vinyl sales help put Golden Discs back in black
Record store chain Golden Discs is back in the black after the group posted a profit of €172,878 for financial year-end 2016, according to a statement from the group.
Turnover for period-end December 2016 was €17.9m, driven in part by new store openings and a significant growth in sales of vinyl records.
Store openings included one in Dundrum Town Centre and a pop-up store on Dublin's Henry Street for the busy Christmas trading period.
Sales of vinyl were up more than 100pc on the previous year, it said.
"Vinyl sales are at a 25-year high and are continuing to grow," said Golden Disc Group CEO Stephen Fitzgerald.
"Its renaissance proves the desire to own music in the physical format remains strong," he added.
The company has also opened the Vinyl Lounge, a hybrid vinyl shop, café, exhibition space and music venue in its Cork flagship store.
Golden Discs, which currently has 13 standalone stores across Ireland, said that the project has been well received and they are looking for suitable space in Dublin to expand the concept.
In addition to the new store in Dundrum and the updated store in Cork, Golden Discs has also just opened a new store in Limerick and is considering more openings over the coming months.
"The branch network is under continual appraisal. Where we find opportunities we will open additional stores," Mr Fitzgerald said.
Later this month, a new online store will be launched with an extensive range including new-release audio and visual products.
The news is a turnaround after the Irish-owned chain which shrank to 10 stores during the recession.
However opportunities have emerged, with HMV and Xtravision exiting the Irish market. Golden Discs has used this as an opportunity to expand and grow.
In late 2016 it announced that along with logistics company Exertis it would supply 80 Tesco stores around Ireland.
Under the partnership, Golden Discs at Tesco concessions will operate as standalone units within those supermarkets branches.
So far in 2017 the company's performance is in line with forecasts thanks in part to strong album sales from Ed Sheeran and Harry Styles, and films such as 'Star Wars', 'Moana' and 'Fantastic Beasts'.