Leading UK music retailer, Musicroom, has released year-end results and claims to be bucking the current national retail trend.
Despite a tough economic climate, Musicroom said ended its fiscal year (July 2011-June 2012) in positive territory for like-for-like growth, reporting overall growth at 2.3%.
All of Musicroom’s major instrument categories showed growth, with the guitar and drum category up by 12.6% (10.1% on a like-for-like basis), and keyboard and piano up by 10.5% (6.8% on a like-for-like basis).
Musicroom has stores nationwide and said it is on a mission to make music as accessible and exciting as possible.
The ukulele category continues to benefit from a popularity boom, with reported growth up 36.8% (33.9% on a like-for-like basis).
In contrast, high street giant HMV recorded a like-for-like decline of 12.9%, blaming a very poor January 2012.
Musicroom said it had enjoyed a record-breaking Christmas, posting its largest ever single month’s sales. Growth was not achieved by slashing margins, rather via a suite of bold new partnership deals, which enabled the business to secure much better prices and exclusive deals from key suppliers, Musicroom said.
Despite a slight dip in January and February, Musicroom said it was impacted by the Christmas fallout and bad weather conditions, but has since recovered.
Simon Pollard at Musicroom said: “This fiscal year benefited from early investment in defining our store’s brand offering. We have made every effort to place emphasis on the enthusiastic specialist help provided in our stores nationwide and make our offering as accessible as possible.”