Ailing HMV profits slump to €2.9m

AILING retailer HMV has revealed the details of a painful year in which bottom-line profits slumped to £2.6 million (€2.9m).

The group, which recently sold its Waterstone’s book chain and Canadian business to buy some breathing space in its battle for survival, said the surplus for the year to April 30 compared with £67.3 million the previous year. Underlying profits slumped 61% to £28.9 million.

Group sales declined 7% to £1.9 billion, while like-for-like sales at its 266 HMV and Fopp stores in Britain and Ireland were down 14.8% after being squeezed by weaker consumer spending and competition from internet downloads and supermarkets.