Tuesday, September 02 12:32:58
Ireland's only surviving music and DVD retail chain, Golden Discs, has returned a profit of E208,979 for the year-end June 2013 after a deferred tax provision.
Despite the era of the music download, it said like-for-like sales grew 7.5pc for the period.
It recorded a decline in turnover but the company reported improved gross margins.
"Changes to our product mix and customer orientation enhanced margins and the continuation of an aggressive cost cutting program yielded significant benefits," said Golden Disc Group Managing Director Stephen Fitzgerald.
The results significantly outperform (Chart-Track) statistics for Ireland which suggest CD and DVD sales declined by over 30pc in 2013.
Golden Discs turnover for the year end June 2014 has grown by over 40pc and numbers employed have increased by 25pc bringing the total to over 100 employees.
The company has 17 stores nationwide with the most recent six openings in the past twelve months in Pavilions Swords, Blanchardstown Centre, Patrick Street Cork, White Water Newbridge, Stephens Green and a pop up on Grafton Street. It is considering additional store openings over the coming months, it said.
The company remains "cautiously optimistic" about the current financial year citing the industry's dependence on a strong release schedule from the labels and studios.
"Initial indications are for a strong fourth quarter with key album releases from U2, Rihanna, The Script, Take That and One Direction. On DVD Mrs Browns Boys, Love Hate, X-men and a variety of Box-sets and comedy titles are expected to perform very well," said Mr Fitzgerald.
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