Thursday, June 30, 2011

Grim news from HMV

We all knew HMV's figures would be bad. Now we know how bad:

LONDON, June 30 (Reuters) - Struggling British music and DVD retailer HMV , which has been selling off assets in a bid to secure its future, said trading conditions were set to remain tough as it posted a 61 percent drop in annual profit.

The 90-year-old group, which has issued four profit warnings this year, said on Thursday it made a profit before tax and one-off items of 28.9 million pounds ($46.2 million) in the 53 weeks to April 30, in line with its latest guidance.

After tax and non-cash impairments charges from the assets it has sold, it plunged to a loss of 121.7 million pounds.
There is a small, profitable business at the heart of HMV. It's just not clear if it can escape the large, loss-making business that surrounds it.


3 comments:

Anonymous said...

some sources reporting the story have mentioned that they've discovered "there is a clear place for HMV as a specialist retailer of ... high-growth technology products" while some, such as Reuters, have skimmed over it almost entirely as if they know it's irrelevant and doesn't really make sense (why would someone go to a cd/dvd retailer masquerading as the hip corner of comet when they just can go to comet?).

Francis said...

surely there is a "clear place for HMV as a specialist retailer of remaindered DVD boxsets at a tenth of the original RRP" would be more accurate?

And sweets

And Top Trumps

jaysoul said...

More bad news for HMV’s shareholder...profits slide 61%...It is going to focus on portable technology, hope it will be back on the track again..

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