Musical instrument retailer Gear4Music has reported a pre-tax loss of £1.04m in the six months to the end of September.
In the same period last year, the York-based listed retailer saw profit of £1.93m and it blamed the recent performance on cost pressures, deteriorating consumer confidence in the face of cost-of-living challenges and a hot summer hampering sales. In an update to investors the firm, which says it is the UK's largest online retailer of musical equipment, reported revenue of £66.3m - a 2% rise on the same period last year.
Gear4Music said it was combatting the headwinds by cost control and working capital management. Measures included focus on stock management and reduction of slower moving product lines that impacted gross margins.
