Golden Discs has today announced a €73,000 loss for the 12 months to June 2011. This figure is down from 2010’s €710,000 loss and a €1.6m loss in 2009.
Turnover dropped 4.4% year on year from €11.2m to €10.8m for the period. Generally in the Irish market, CD sales are down 19% in 2011 and DVD sales are down 13% (in 2011).
Golden Discs boss Stephen Fitzgerald said: "Continued economic uncertainty and related negative consumer sentiment are the primary causes for the sales decline.
"Unrealistically high property costs and local rates charges continue to challenge the company’s cost base.
"For 2012, new lower pricing on ‘new release’ CD and DVD product coupled with very compelling promotional activity is driving volume. DVD Boxsets are also performing strongly, as are new product lines like t-shirts, accessories and merch introduced to selected stores this year."
The groups download store now has over seven million tracks available. The company is also planning to launch an online store for CD and DVD lines by autumn.
Golden Discs recently opened a store in Athlone and hopes to open at least one more before the end of the year, bringing the total number of stores nationwide to 16.