News
Games spearhead HMV growth
Ben Parfitt Dec 12 2007, 10:00am
Sales and profit both up as UK games sales prove the start performer for entertainment retailer
UK retailer HMV has announced its financial results for the 26 weeks ending October 27th, which show profits of £25.9 million, a big improvement on the £26.1 million loss in the same period last year. Total sales for the period hit £790.2 million, up from the £767.2 million in the same period last year.
Games were highlighted as a particularly strong performer, with sales accounting for 15 per cent of the chain’s total – up from nine per cent last year.
Sales for the group were up by a total of 9.5 million, with like-for-like sales growing by 5.0 per cent. Discounting its Waterstones business, HMV UK and Ireland like-for-like sales were up by 9.2 per cent.
Net debt also fell from £135.7 million in 2006 to £89.3 million whilst operating loss fell to £21.5 million.
"Less than a year into our three year strategic plan, we are pleased with progress,” chief executive Simon Fox stated. “The Group’s first half was driven in particular by like for like sales growth in HMV UK and Ireland, where we are successfully exploiting the high growth games and technology categories and increasing our share of music and DVD.
"At this stage, the most important days and weeks of our financial calendar are still ahead of us, and our stores and websites are very well prepared for Christmas."
