Business News HMV Timeline Retail

HMV report healthy profits

By | Published on Wednesday 1 July 2009

HMV have announced that their pre-tax profits for the year ending 25 Apr were £63 million, slightly more than expected.

As previously reported, HMV has enjoyed a bit of a boost in recent months following the demise of two of its main high street rivals, Zavvi and Woolworths, though with online the real competitor their position as ‘last man standing’ in the mainstream high street entertainment retail space isn’t in itself a long term strength.

Investment types seem more optimistic about the retailer because of its recent diversification – including its JV in the live space with the MAMA Group, plans to launch in-store cinemas in partnership with the Curzon company, and a partnership with Orange which will see it have mobile phone concessions in its stores (like Zavvi had with Virgin Mobile).