Gear4music experiences loss after increased costs hinder revenue growth
- Britain’s largest online musical equipment retailer reports a £0.4m pre-tax loss
- Discretionary consumer goods demand declines due to cost-of-living pressures in the UK
- Gross margins decline as stock is reduced and costs rise
Gear4music incurred a loss last year due to challenging economic conditions and increased costs.
The largest online musical equipment retailer in Britain reported a pre-tax loss of £400,000 for the 12 months ending in March, compared to a £5 million profit the previous year.
Despite cost-of-living pressures impacting discretionary consumer goods demand in the UK, total revenue grew by 3% to £152 million.
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