Feeds

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

Behold, His Master's Voice Fondleslab

Boost IT visibility and business value

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. ®

Build a business case: developing custom apps

More from The Register

next story
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
iPad? More like iFAD: We reveal why Apple fell into IBM's arms
But never fear fanbois, you're still lapping up iPhones, Macs
Nadella: Apps must run on ALL WINDOWS – PCs, slabs and mobes
Phone egg, meet desktop chicken - your mother
White? Male? You work in tech? Let us guess ... Twitter? We KNEW it!
Grim diversity numbers dumped alongside Facebook earnings
Microsoft: We're making ONE TRUE WINDOWS to rule us all
Enterprise, Windows still power firm's shaky money-maker
HP, Microsoft prove it again: Big Business doesn't create jobs
SMEs get lip service - what they need is dinner at the Club
ITC: Seagate and LSI can infringe Realtek patents because Realtek isn't in the US
Land of the (get off scot) free, when it's a foreign owner
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Top 8 considerations to enable and simplify mobility
In this whitepaper learn how to successfully add mobile capabilities simply and cost effectively.
Application security programs and practises
Follow a few strategies and your organization can gain the full benefits of open source and the cloud without compromising the security of your applications.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.