THE RETAIL BULLETIN - The home of retail news
Lest we forget
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
HMV predicts return to profit

HMV has announced that it expects to post an annual pre-tax loss of £16 million for the 2011/12 year but predicts a return to profitability in the following year.

CITY & CORPORATE

HMV predicts return to profit

HMV has announced that it expects to post an annual pre-tax loss of £16 million for the 2011/12 year but predicts a return to profitability in the following year.

The struggling entertainment retailer blamed a very weak January and a poor new release schedule for its CDs and DVDs for the bigger than expected loss for the year ending 28 April.

Total sales declined by 18.3% in the year while like-for-like sales fell 11.7%. In the final 17 weeks of the year like-for-like sales dropped by 12.9%.

The company said it is "confident that it will return to profitability" and anticipates reporting  a pre-tax profit of £10 million for its next financial year due to the "disruption" to rival GAME and the "changed nature" of its relationship with its suppliers.

HMV said that the strategic review of its 'Live' business was "ongoing". 

Commenting on the results, chief executive Simon Fox said: "The last year has been a difficult and challenging one for HMV and this will be reflected in our annual results. However we are confident that the actions we have taken will enable us to significantly improve our profit and cash generation in the year ahead."

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

The Retail Design Seminar 2018
The Retail Design Seminar 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Seminar 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
AI in Retail Conference 2019
AI in Retail Conference 2019
18 September 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Retail marketing is changing pace rapidly by making communication across all platforms personalised, relevant, efficient, and helpful. AI not only helps shoppers find a perfect product but also pre-empts the shopping behaviour and speeds up payment.
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019