Business News HMV Timeline Retail

HMV financials looking good

By | Published on Monday 12 May 2008


HMV Group last week published its latest financials, and the company was upbeat, claiming the last year had seen the company begin a real period of financial recovery, after several years of struggling amid new competition from the supermarkets and internet.

In the last financial quarter – on which last week’s report centred – sales were up 11.9%, while like-for-like growth was 10.1%. And much of that growth came from the HMV stores in UK and Ireland, rather than other parts of the retail company.

CEO Simon Fox told reporters: “As we complete the first full year of our three-year turnaround plan, we are ahead of where we expected to be. We have made good progress driving forward our strategic initiatives to increase efficiency, revitalize our core business and establish new channels to market. We still have much to do but I am confident that the group is well positioned for the next phase of our transformation”.

The full year-end results will be published on 1 Jul, and bosses say they expect profits before tax and exceptional costs to be at the upper end of expectations.