Sweetwater has announced it reached $1.57 billion in sales for 2022, achieving revenue growth of 9.5% YoY.
This marks the third consecutive year that Sweetwater has managed to break the $1 billion revenue mark. It illustrates that despite rising struggles for the retail industry, customer satisfaction remains an important driver of sales for the company.
“I am immensely proud of the Sweetwater team’s accomplishments in 2022,” adds CEO John Hopkins. “In a year when the world dealt with economic uncertainty, geopolitical challenges, lingering supply chain difficulties, and many other issues, we were still able to provide exceptional customer service to millions of music makers. What a privilege it is for us to have this role in the music industry; music has the power to inspire, offer hope, and promote healing.”
In addition to the record customer growth and sales performance of 2022, Sweetwater also launched its new Gear Exchange in July 2022. It allows music to buy and sell used music gear on a trusted platform, knowing the transaction is safe. Sellers can avoid fees using the platform by opting for a payout in the form of a Sweetwater gift card.
While Sweetwater launched its Band & Orchestra program in 2021, it has continued to experience significant growth throughout 2022. It now serves more schools and students with a wide selection of band & orchestra instruments.
To help reach customers across the United States more quickly, Sweetwater announced its Distribution Center in Arizona—its first facility outside of its headquarters in Fort Wayne, Indiana. The distribution center allows Sweetwater to deliver its products to West Coast customers more efficiently and it shipped 50,000 orders in just three months of operating, creating 100 new jobs in the process.
Throughout 2022, Sweetwater focused on providing its employees with a supportive workplace. It implemented a record number of promotions, increased 401K company match percentages, and launched new management development courses in addition to its new tuition reimbursement program. Sweetwater also continued its significant philanthropic support of more than 400 music, arts, education, and social service agencies—giving monetary donations of more than $750,000 and $600,000 in instruments and audio gear to schools, music programs, and other groups.