HMV toughs it out
HMV has said this morning that group profit before tax and exceptional costs for the full year will be in line with market expectations despite continuing tough market conditions.
Groupsales for the full year fell by 2 per cent at constant exchange rates, including a 3.5 per cent like for like decline for shops open over a year.
Total annual sales at its bookstore Waterstones fell 4.7% as the group battles against fierce competition from the Internet and supermarkets. Commenting, Simon Fox, Chief Executive Officer, said ‘The markets in which the Group operates have continued to be extremely tough. ‘However, as we stated on 13 March, our businesses are now planning on the basis
of continuing market change, and I am confident that the initiatives we are
putting in place to reduce our costs, revitalise our core business and grow our
revenues are being pursued at pace and will lead to a turnaround of the Group’s
performance.
