Tuesday 13 November 2018

Vinyl revival drives sales and profits at Golden Discs

Stephen Fitzgerald, Golden Discs CEO:
Stephen Fitzgerald, Golden Discs CEO: "We've experienced six consecutive years of vinyl growth and it shows no signs of abating" (stock picture)
Ellie Donnelly

Ellie Donnelly

A 50pc increase in sales of vinyl records helped Golden Discs report a profit of €173,704 last year.

The result is on par with the company's 2016 profit of €172,878, however the 2016 year-end covered an 18-month period, as the company brought its results into line with the calendar year.

Turnover at Golden Discs during the 12-month period was €12m, the group said.

"We've experienced six consecutive years of vinyl growth and it shows no signs of abating," Stephen Fitzgerald, Golden Discs CEO, said. "There's no denying the convenience of streaming services, but consumers want something more tangible and we anticipate this year's sales being our biggest since the 1980s."

During the period the company opened new stores in Limerick and Wexford, as well as The Square in Tallaght, and a pop-up store on Dublin's Henry Street during the Christmas period.

Announcing the results, Golden Discs said it expects to announce two new store openings this summer, with the possibility of further stores opening later this year.

Last year, Golden Discs also launched a new webstore, which it said was "exceeding performance expectations".

Looking forward, the company said its performance to-date this year was in line with forecasts.

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