Feeds

Ailing HMV sees tech sales' bright spot among dire music biz

Behold, His Master's Voice Fondleslab

High performance access to file storage

Struggling music retailer HMV has reported that its technology sales jumped 42 per cent, after it refitted more than half of its stores to focus on punting fondleslabs.

The company, which owns 252 shops throughout the UK, is slowly morphing its stores into retail outfits that also sell tech gear in an effort to survive on the bloodied High Street.

It said it had refitted 144 stores to offer customers a range of portable digital products, including tablet computers.

"Like-for-like sales in those outlets had grown 42 per cent since respective store refit dates," HMV said. "Like-for-like sales growth across headphones, speakerdocks, and tablets has been 147 per cent since refits," it added.

However, the company admitted it will have to sell its Live division. That wing of the business runs 13 venues and several music festivals including Lovebox and Global Gathering.

HMV reported a dire pre-tax loss of £45.7m in the first six months of its financial year, which ended on 29 October. For the same period in 2010, the firm vanished £27.4m from its fiscal statement.

It added that in the seven weeks leading up to Christmas - as of 17 December - HMV's like-for-like retail sales dropped 13.2 per cent.

“This has been a challenging start to the year. However, we have taken decisive action to restructure the business and are now seeing the benefits of this, particularly in our technology products business," said HMV boss Simon Fox.

"Like all consumer-facing companies we are facing tough trading conditions but we continue to push forwards through this period. We remain well prepared for the key trading days ahead.”

The company said total sales from continuing operations for the first half of the year fell 17.6 per cent to £364.9m compared with £442.7m for the same period a year earlier.

Shares in HMV are currently trading down 8 per cent on the London Stock Exchange following the company's latest financial results report. ®

SANS - Survey on application security programs

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.