Yearly profits slide at HMV

Total sales dropped by two per cent to £1.8bn for the year. However, like for like sales fell by 5.6 per cent. Meanwhile, HMV Group’s operating profit tumbled to £102.6m, a 22.4 per cent drop on last year.

“As we expected, trading conditions in the first few weeks of the new financial year have remained difficult,” said chief executive Alan Giles. “However, we are making excellent progress with a two-year programme of initiatives which we anticipate will begin to improve performance during the crucial Christmas trading period and, ultimately, transform the Group into a world class multi-channel retailer.”

He also added that margins suffered primarily due to an increased level of discounting in its markets.

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