Golden discs has bucked the global trend in declining physical music sales with a significant increase in its turnover last year.
The company, Ireland’s biggest locally-owned record store chain, today reported revenue of €12 million to the end of June last year – a 43% rise on the figure for 2013.
That 2014 total included a slim profit of about €31,000, down on the €209,000 net figure for the previous year.
Golden Discs managing director Stephen Fitzgerald said the company made higher margins on its sales last year but one-off costs associated with opening new stores lowered profits.
It launched six new stores in locations including Cork, Kildare and Blanchardstown, taking its nationwide tally to 15 – with the potential for more to come.
The market remains extremely competitive and the store portfolio is under constant review but where we see opportunities we will open additional stores,” Fitzgerald said.
A vinyl resurgence
Golden Discs said its DVD sales were flat, while it had experienced “significant growth” in its audio business with vinyl sales up over 500% on the previous year.
Chart-Track also reported a rise in CD sales for Ireland last year, bucking the trend in other markets like the UK and US where only vinyl has been growing as listeners turn their backs on physical media.
HMV and Xtra-Vision also reported a major rise in CD and vinyl sales last year a few years after the retailers were brought out of receivership.
First published 4.54pm