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HMV confident initiatives will turn around sliding profits.
HMV Group CEO Simon Fox is buoyant about the company's prospects, as a raft of new initiatives begins to take hold, despite financial results showing a decline in profits in the last financial year.
Two profit warnings earlier this year prepared the stock market for last week's announcement that the company's profit before tax had slumped to #21.6m, down 73% on the previous year.
New stores which opened during the 52 weeks to April 28 2007 helped HMV to increase its revenues 3.8% to #1.89bn, but the continued decrease in sales of CDs and DVDs meant like-for-like sales slipped 3.5%.
"I'm obviously not happy with last year's numbers, but that is in the past," says Fox. "On March 13 we outlined a new plan for the company. That has now got momentum behind it and I'm very happy at the progress we're making on all strands of the plan."
The momentum that Fox was referring to centres on the eventful first eight weeks of HMV's new financial year, as its new strategic plan kicked in. During those first two months, like-for-like sales across HMV's stores increased 3.8%, with the UK & Ireland outlets reporting an 8.8% sales spike.
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