Troubled music retailer HMV more than halved pre-tax profits last year but today offered hope the worst of its woes were behind it.
The group, which also owns book chains Waterstone’s, said its recovery plan had seen the new financial year kick off well, with like-for-like sales up 3.8% in the past two months.
HMV’s latest sales figures come after a tough year for the group amid stiff competition from supermarkets and online retailers – confirmed by today’s results showing pre-tax profits dived from £98.2m (€146m) to £48.1m (€71.6m) in the year to April 28.