Vinyl sales drive €192,000 profit at Golden Discs
A 40PC increase in sales of vinyl records helped drive a profit of €192,000 at Golden Discs last year.
The company introduced more merchandise and clothing, as well as extending its headphone and hardware lines. Turnover for year-end December 2018 increased to €13.2m from €12m the prior year.
The company opened stores in Navan, Kilkenny, Limerick and Dublin's Liffey Valley Shopping Centre during the period. Golden Discs expects to announce two new store openings next month with the possibility of further new stores later in the year. Stephen Fitzgerald, CEO of Golden Discs, said the vinyl renaissance and renewed interest in physical product "shows no signs of abating". "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, which has traded since 1962 and remains a family owned business, also reported strong growth in its online business, driven by both sales of vinyl and back-catalogue products.