GOLDEN Discs, the music retail group, has increased its profit before tax and exceptional gains by 20 per cent, from £274,000 to £328,000, in the year to March 31st, 1996. It had an exceptional gain of £238,000 from the sales, and leaseback, of its North Earl Street, Dublin premises. This boosted profits to £566,000.
Golden Discs, set up by Mr John FitzGerald and Mr Tom Rogers in the late 1970s, has 27 retail outlets in the Republic, following the recent opening of an outlet in the Jervis Shopping Centre, in Dublin.
A short statement from the company said profit margins were maintained "despite intensifying competition within the industry".
Chief executive Mr Tony Killoran said the first six months of this year "have been buoyant due in part to the strong level of tourist business". Unit sales have continued to increase. The buoyancy of compact discs is continuing to make a significant contribution to sales. This growth has been mirrored by a significant drop in the level of sales of cassettes.
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