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Woolworths boss in attack on labels.
Group chief executive hits out as retail arm reports first ever UK loss in its 98-year history
by Ben Cardew
Woolworths Group chief executive Trevor Bish-Jones has launched a heated attack on record labels, who he accuses of destroying the physical singles market.
However, he has vowed that his company still has a future in physical music sales, despite falling CD prices which have conspired to drag down profits at the group.
Bish-Jones was speaking after his company announced disappointing full- year sales figures for the year to February 3. Annual profits at the generalist retailer slumped 74% to #16m for the year, compared to #61.5m in 2006.
While the company's EUK and 2 Entertain arms performed well, Woolworths' retail operation posted a loss of #12.9m, the first loss that the company's stores have made in its 98-year UK history. This compares to a profit of #17.1m in the previous year.
Bish-Jones says that this loss was partially due to the difficult retail environment, with the entertainment and confectionery sectors proving particularly weak as a result of price deflation.
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