Profit falls, turnover up 43% at Golden Discs

Music retailer Golden Discs is planning to open an online store before the end of the year.

The new selling outlet will form part of an upgrade to its website and will allow customers to order physical music, game, and DVD products for home delivery. The company has shelved its short-lived download-style store, saying customers had expressed a preference for physical product.

Golden Discs — which entered and emerged from examinership in 2009 — yesterday produced financial figures for 2014, showing a 43% jump in turnover from €8.4m to €12m for the 12 months to the end of June.

However, despite turning a profit of €30,885 for the year, that figure was down from a profit of €208,979 for the previous 12 months. One-off costs associated with store openings hit profits, but the company is still considering adding to its network of 15 shops over 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“ said managing director, Stephen Fitzgerald.

The company opened six stores last year, as well as a pop-up store on Dublin’s Grafton St in the run-up to Christmas. While DVD sales were flat during the period, vinyl record sales surged by over 500%.

“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 Mr Fitzgerald.

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