Cost of living pressures have hit a major York business.
Musical instruments retailer Gear4Music has swung to a loss amid inflated costs and a cost-of-living squeeze impacting consumer confidence.
The company, based at Clifton Moor, today reported net losses of £1.1 million in the six months to 30 September, down from the £2.2 million profit posted at the same time last year.
It said there were particularly challenging market conditions in July and August, with the unusually hot weather hurting sales as people spent more time outdoors.
But it assured shareholders trading momentum has improved in the last two months and it is “well prepared” for the peak Christmas sales period.
It therefore stood by full-year earnings guidance, including pre-tax profits of £1.1 million.
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