1st Jul 10
HMV YTD profits soar
by Harry Oldfield
HMV, the UK retail giant with over 400 stores around the country, has announced its year to date figures to the end of April is substantially higher than those seen during the prior year. The company said pre-tax profit was a whopping £74.2 million during the time period, over £11 million greater than the £63 million as of 24 April in 2009. HMV attributes its strategic move to live music and ticketing as part of its tremendous growth, although says that it will wait to see the results of sales during the Christmas season before it can ultimately label the new move a success.
According to HMV chief executive Simon Fox, the substantial increase in sales his company has seen demonstrates preliminary success of its expansion into live music and ticket sales, although the true test of the strategy changes will be seen during the winter holidays. He went on to add that he was very happy that HMV experienced strong sales during the past six months, especially since many consumers have not been spending as much money due to the harsh winter and current World Cup games.
HMV expects DVD sales to be strong in the coming months, particularly because of new releases such as Sex in the City 2 and Toy Story 3. The company also hopes to enjoy a high level of game sales, as FIFA 11, Mafia 2, and Call of Duty 3 should all be hits with consumers and bring extra revenue.
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