Golden Discs report sales to the tune of €37.4m

Irish Music retailer Golden Discs has reported annual turnover up 8%, from €34.6m to €37.4m, for the 12 months to March 2003.

The company has, however, reported a fall in after tax profitability from €880,000 to €700,000, caused mainly by a substantial increase in operating expenses. The company has cited increases in location costs and employee expenses as the main reasons for the decline.

According to chief executive Tony Killora: "Our results reflect the growing costs of doing business in Ireland. During the trading year in question we experienced rent increases of up to 100% in some cases. Growth in revenue from the Games and DVD market helped boost our turnover and we intend to continue to develop these formats with a strong marketing and value emphasis."

The company said that strong 2003 Christmas sales augured well for future turnover. The company said festive sales outside the Dublin region were particularly good this year, with Irish artists selling well. The company said best sellers this Christmas included Pat Shortt, Brendan Grace and U2.

Golden Discs aim to expand further this year with developments planned for Naas, Drogheda and Maynooth. The company employs over 200 staff in 27 stores in the Republic.