Online music retailer Gear4Music registered “disappointing” full-year losses despite soaring sales and “rapidly gaining market share”.
The specialist etailer posted a loss before tax of £0.6m for the 13 months to March 31, 2019 compared with a £1.5m profit for the same period the previous year.
The music retailer’s EBITDA declined 34% to £2.3m despite sales rising 48% to £118.2m during the same period.
Gear4Music attributed the growth to “implementing our core strategy of best-in-class customer service, ecommerce excellence, bespoke platform development, international expansion, and supply chain evolution.”
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