Record store chain Golden Discs is back in black after the group posted a profit of €172,878 for financial year-end 2016, according to a statement from the group.

Turnover for period-end December 2016 was €17.9m, driven in part by new store openings and a significant growth in sales of vinyl records.

Store openings included a store in Dundrum Town Centre and a pop-up store on Dublin’s Henry Street for the busy Christmas trading period.

Sales of audio products also performed significantly well for Golden Discs, with vinyl sales up over 100pc on 2015.

"Vinyl sales are at a 25 year high and are continuing to grow, its renaissance proves the desire to own music in the physical format remains strong," Stephen Fitzgerald, Golden Disc group ceo, said.

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The company, which was established in 1962, has also further enhanced its customer experience, with the opening of the Vinyl Lounge, a hybrid vinyl shop, cafe, exhibition space and music venue in their Cork flagship store on Patrick Street.

Golden Discs, which currently has 13 stand alone stores across Ireland, said that the project has been well received and they are looking for suitable space in Dublin to expand the concept.

Later this month it will launch a new online store with an extensive range of catalogue as well as new release audio and visual products.

So far in 2017 the company’s year to-date performance is in line with forecasts, thanks in part to strong album sales from Ed Sheeran, Imelda May and Harry Styles, and films such as Star Wars and Moana and Fantastic Beasts.

Online Editors