Richer Sounds steals market share as profits rise

Richer Sounds

Richer Sounds registered increases in sales and profits during its full-year results.

The electrical retailer posted an 8.7% increase in sales to £171.2m during the 53 weeks to May 4 as operating profit jumped 15.7% to £8.5m during the period.

The specialist retailer – which has 52 stores and one franchise in Northern Ireland – has continued to gain market share in the electricals sector from the likes of Argos but lags behind with its online penetration.

Richer Sounds’ online penetration is just 22.8%, compared with 50% of the bricks-and-mortar electricals sector.

GlobalData analyst Zoe Mills said: “The electricals specialist excels with its high level of customer service, which is essential when purchasing big-ticket items such as audio-visual products.”

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