HMV Sticking To Tech, Games As Sales Creep Up

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Credit: BL1961

HMV (LSE: HMV) promises more collect-at-store gig tickets (there’s a new partnership with Seatwave), in-store cinema screens and “further pay-to-play gaming centres” on top of the current five, after slimming its pre-tax loss in the half-year to October 24.

Pre-tax loss reduced by £2.6 million to £24.9 million, as sales rose 5.6 percent to £797 million.

— A new fufillment centre, which processed two million books in the week before October 1, was completed late, meaning HMV won’t now realise the anticipated £5 million benefit until 2010/11.

— Indeed, Waterstones sales followed the book market down 4.3 percent and have been getting worse, meaning its operating loss finished £3.6 million higher at £12.9 million.

— But HMV is continuing okay on the new strategy devices in 2007. Technology and entertainment products are now up from seven percent to nine percent of sales.

— Debt increased by £14.5 million to £88.1 million mostly thanks to the acquisition of 50 percent of digital music retailer 7digital. As it announced at the time, HMV will use 7digital to relaunch downloads, power a new UK in “early 2010” and a new e-books store for

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Good to see HMV rolling with the times and getting involved with companies like Seatwave. Their competitors are gone now and they are taking the opportunity with both hands it seems.

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