We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
RSS FeedFinancial Planning

HMV launches ‘month-long’ UK sale


Retailer offers 25% discount in a bid to revive sales

Article comments

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.

Share:

Recommended Articles

Comments

HMV launches ‘month-long’ UK sale
Financial Planning

Could CFOs do more to boost shareholder value?

Could CFOs do more to boost shareholder value?

Working capital improvements start to pay off, but more could be donemore ..


Amazon slashes Fire Phone price ahead of iPhone 6 launch

Amazon today slashed the price of its three-month-old Fire Phone to 99 cents, an obvious bid to boost slow sales.more ..

Betfair mobile revenues spike during 'record' quarter

App use grows by 162 percent during World Cup periodmore ..

Samsung acquires cloud printing company PrinterOn

The acquisition aims to boost Samsung's business-to-business mobile offeringsmore ..

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unansweredmore ..

Budget: What business wants

CFOs are keen for the chancellor to avoid any uncertaintymore ..

Send to a friend

Email this article to a friend or colleague:


PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.



In Depth
Can finance rise to the challenge of major transformation?

Can finance rise to the challenge of major transformation?

Outdated finance processes, systems and competencies leave too many questions unanswered more ..

In Depth
Interim CFO or consultant? The pros and cons

Interim CFO or consultant? The pros and cons

Ed Harding offers an insight into the life of an interim CFO and the advantages in driving transformation more ..

Advertisement

* *