HMV sees FY profit at upper end
Music and games retailer HMV reported a 10.1% rise in like-for-like sales in the 16 weeks ended 26 April and said it expects full-year profits before tax and exceptional costs to be towards the upper end of market expectations.
Total group sales rose 11.9% in the 16 weeks period, while gross margins were in line with previous guidance.
Like-for-like sales in the 52 weeks ended 26 April rose by 7.3%, with total sales up 10.3%. The group said cash generation has also strengthened, adding that it is broadly debt free at the year end.
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"As we complete the first full year of our three-year turnaround plan, we are ahead of where we expected to be," said chief executive Simon Fox.
"We have made good progress driving forward our strategic initiatives to increase efficiency, revitalise our core business and establish new channels to market. We still have much to do, but I am confident that the group is well positioned for the next phase of our transformation," he added.
