Group expects to meet market expectations, projecting pre-tax profits at £50m-£63m as annual sales climb
Entertainment chain HMV is projecting fiscal year profits will meet high-end market expectations, as annual and quarterly sales saw encouraging gains.
The retailer said that like-for-like sales across its fleet of stores in the UK and Ireland were up 4.3 per cent for the sixteen weeks ended April 25, resulting in an annual like-for-like sales rise of 1.9 per cent.
The group said that “despite challenging conditions”, pre-tax profits would be between £50m-£63 million, and therefore sitting at the upper end of market expectations.
“This has been driven by strong trading in HMV UK & Ireland, which continues to benefit from initiatives to transform the business, and from maximising the opportunities arising from competitors exiting the market,” said HMV CEO Simon Fox.
“We still have much to do, but I remain confident that the Group’s transformation plan remains on track to increase efficiency, revitalise our core business and establish new channels to market,” he added.
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The retailer expects net debt will be at around £10m, due to the firm’s “strong balance sheet and good cash”.
Preliminary results for the 52 weeks ended 25 April 2009 will take place on June 30.
Comments
HMV Profits
I am sure that it has nothing to do with their main competitors closing doors and the supermarkets in turn raising the prices on all types of media - no of course not it's down to them revitalising their core business *sigh*
HMV Profits
@Ben
Have you thought that maybe HMV's "revitalisation of core business" is one of the factors that made them outlive their main competitors in the first place?
Last year they launched what seems to be a very well implemented pre-played offer, as well as purchasing LAN gaming group "Gamerbase" and implementing that into their stores. Games aside, they also moved into live music with the part purchase of numerous iconic music venues. Even if you have a very basic grasp of the music industry, you'll know that that is where the money now lies, as physical music sales decline.
If this isn't revitalisation of a core business, I'd be interested to hear what is.
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