Golden Discs eyes more stores on return to profit

Golden Discs is considering further store openings in the coming months, after returning to profit in its latest financial year.

The entertainment retailer opened its 13th store — in Limerick — last month and is keen to keep growing its high-street presence, having opened two Dublin stores and having started an in-store service in numerous Tesco supermarkets at the tail-end of last year.

Part of the growth is the expansion into Dublin of the company’s Vinyl Lounge hybrid shop-café-music-venue concept, which recently opened in the flagship Cork store on St Patrick St.

“The branch network is under continual appraisal; where we find opportunities, we will open additional stores,” said chief executive, Stephen Fitzgerald.

New accounts show that Golden Discs moved back into the black last year, recording a pre-tax profit of €172,878 for the 12 months to the end of June, 2016. For the previous 12 months, the company saw a pre-tax loss of €466,158.

It last made a profit in 2014, when a €30,885 surplus was generated.

Group turnover last year increased to €17.9m, from €12m the previous year.

Driving last year’s financial improvement was a significant rise in audio product sales and a 100% yearly increase in vinyl sales.

“Vinyl sales are at a 25-year high and are continuing to grow.

“Vinyl’s renaissance proves the desire to own music in the physical format remains strong,” Mr Fitzgerald said.