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.
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