HMV Irish pre-tax profits dip 87.5%

SALES of bestselling CDs by Lady Gaga and the Black Eyes Peas were not enough to prevent pre-tax profits plunging by 87.5% at the Irish arm of HMV last year.

Accounts just filed by HMV Ireland Ltd to the Companies Office show that pre-tax profits dropped by €4.4m from €5m to €631,000 in the year to the end of April 24 last.

The drop comes in spite of HMV Ireland increasing its revenues by 23%, or €16m, last year from €69.7m to €85.8m.