HMV launches ‘month-long’ UK sale
Retailer offers 25% discount in a bid to revive sales
By CFOWorld.co.uk staff | CFO UK | Published 11:41, 11 January 13
Struggling UK entertainment products retailer HMV has announced a ‘month-long’ 25 percent discount on marked prices starting on Saturday in a bid to revive its fortunes.
Last month, HMV posted a half-year pre-tax loss of £37.3 million. The retailer’s debt stood at £166.7 million at the end of its 2011-12 financial year. It made a loss of £16.2 million over the same period but forecasts a return to profit in current financial cycle.
A HMV spokesperson said the sale covers a range of products including CDs, books and technology products but denied that the move was “out of the ordinary.”
“The sole purpose is to provide customers with good deals. A sale is what retailers do at this time of year, and any other interpretation of our announcement is just media speculation," he added.
Last month, HMV said it had sold a 50 percent stake in ticket selling firm Mean Fiddler to a subsidiary of Lloyds Development Capital for £7.3 million. However, £3.5 million of the stated sum will be deferred for a year.
The move followed the sale of its London Hammersmith Apollo entertainment venue in May 2012 for £32 million. HMV has 247 stores in the UK including 9 stores under the Fopp brand.
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