In its second-largest acquisition, Amazon buys the company for $970 million.
A combination of organic growth and acquisitions helped Guitar Center Inc. increase web sales by 14% in 2006, while total revenue rose by 13.9%. For 2006 Guitar Center posted web sales of $251.7 million in 2006.
A combination of organic growth and acquisitions helped Guitar Center Inc. increase web sales by 14% in 2006.
For 2006 Guitar Center, which operates MusiciansFriend.com, the newly relaunched and now e-commerce enabled GuitarCenter.com, HarmonyCentral.com and WWBW.com, posted web sales of $251.7 million in 2006, compared with e-commerce revenue of $219.9 million in 2005.
In June, Guitar Center, No. 50 in the Internet Retailer Top 500 Guide, launched GuitarCenter.com to coincide with the retailer’s planned implementation of a buy-online-and-pickup-or-exchange-in-store program. In 2005, Guitar Center also completed its acquisition of the assets of Harmony-Central.com, an Internet content and information site.
Net sales for the year ended Dec. 31, 2006, increased 13.9% to $2.030 billion compared with $1.782 billion for 2005. Overall the web represented 12% of total sales vs. 11.9% in 2005.