HMV expects profit for the fiscal year ended April 25 to come in ...
HMV expects profit for the fiscal year ended April 25 to come in “towards the upper end of market expectations” despite “challenging conditions” at retail, CEO Simon Fox said Wednesday as the company provided preliminary results for the fiscal year…
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ended April 25. HMV expects to post pre- tax profit of about $74 million to $93 million for the year, it said. The results were “driven by strong trading” at the firm’s HMV U.K. and Ireland business, which Fox said “continues to benefit from initiatives to transform the business, and from maximizing the opportunities arising from competitors exiting the market.” Woolworths was the most prominent U.K. retail rival to exit the market during the past year. Comparable store sales at stores in the U.K. and Ireland rose 4.3 percent in the 16 weeks ended April 25 and 1.9 percent for the year, HMV said. The company still has “much to do,” but Fox said he remained “confident” that HMV’s “transformation plan remains on track to increase efficiency, revitalize our core business and establish new channels to market.”