Golden Discs is reporting an increase in profits driven by continued growth in vinyl sales.
Turnover for the retailer in 2017 was €12.1 million. The group returned a profit of €173,704 for the year. This compares favourably with the previous period’s profit of €173,000 as 2016 year-end was an eighteen-month period.
The company reported significant growth in audio products with vinyl sales up over 50% on the previous period.
"We’ve experienced six consecutive years of vinyl growth and it shows no signs of abating," Golden Discs Chief Executive, Stephen Fitzgerald, said. "There’s no denying the convenience of streaming services but consumers want something more tangible and we anticipate this year’s sales being our biggest since the 1980s."
He said there is a growing acknowledgment that compressed digital music files are typically of lesser sound quality, and, he said, ‘super-fans’ are increasingly turning to physical formats for this reason."
The company expects to announce two new store openings this summer with possibility of further stores later in the year.
The company reports year to date performance in line with forecasts and expects continued growth on the back of a strong forthcoming Q4 release slate.