Turnover up 43% at Golden Discs last year

Home entertainment retailer posted profit of €30,885 for 12 months to end of June 2014

Golden Discs opened on Dublin’s Grafton Street for the Christmas period last year Photograph: Nick Bradshaw/The Irish Times

Golden Discs opened on Dublin’s Grafton Street for the Christmas period last year Photograph: Nick Bradshaw/The Irish Times

 

Turnover at home entertainment retailer Golden Disc Group rose 43 per cent in the year to the end of June 2014, as it opened six new stores.

The company said turnover was €12 million for the period, up from €8.4 million in the previous year.

The retail opened new stores in Cork, Kildare, Swords, Blanchardstown and Stephen’s Green in Dublin; a pop-up store was also located on Dublin’s Grafton Street for the Christmas trading period. While they contributed to revenue, they also hit profitability due to once-off costs associated with the expansion.

Profit for the year was €30,885. DVD sales were flat, but audio sales showed some growth, with vinyl up more than 500 per cent compared with the same period a year earlier.

“Changes to our product mix and improvements to store layouts enhanced margins but one-off costs associated with the new store openings lowered profitability” said Golden Disc Group managing director Stephen Fitzgerald.

The firm now has 15 stores throughout the country, and is considering opening more in the coming months.

“The market remains extremely competitive and the store portfolio is under constant review but where we see opportunities we will open additional stores,” he said.

The company is also planning to open an online store before the end of the year.