HMV full year profits fall by half

Source: Agencies | June 30, 2009, Tuesday |

Online Edition

MUSIC and books retailer HMV Group PLC said today that its full-year profit fell by half compared to a year ago, when the bottom line was fattened by the sale of operations in Japan.

Net profit for the year ending April 25 was 44.2 million pounds (US$73.9 million), compared to 89 million pounds in the previous year. However, profit from continuing operations - which strips out one-time effects like the sale of the Japanese business - was up 18.5 percent to 44.2 million pounds.

Revenue rose 4.4 percent to 1.96 billion pounds.

The company said sales by its music and games shops in the UK and Ireland were up 1.9 percent while sales at its Waterstone's book stores declined by 3.8 percent.

HMV shares rose 1.3 percent to 120.25 pence in early trading on the London Stock Exchange.

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HMV full year profits fall by half

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