Gear4Music posts 2nd profit warning despite sales uptick

ELIAS JAHSHAN | April 2, 2019

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Gear4Music has issued a second profit warning for the year despite an uptick in sales amid its full-year results. For the 13 months ending March 31, the online music instrument retailer saw a 36 per cent rise in total revenues to £118.3 million. However, it downgraded its operational profit forecast from £3.3 million to  “not less than £2 million”. In its first profit warning in January, Gear4Music said its EBITDA would be slightly below the previous year’s level of £3.5 million. The retailer attributed the latest profit warning to capacity problems at its York warehouse before Christmas, short-term courier cost inflation and additional distribution costs.

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