HMV looks to electronics and tickets as profits drop
Business digest: Chain sees huge losses as it struggles to stay afloat
HMV is hoping to turn around its fortunes by focussing on live music and ticket sales, after its pre-tax profits dropped 61 per cent to £28.9m in the last year.
The entertainment chain saw like-for-like sales fall by 11 per cent. Further, it is saddled with large debts, which grew from £67.6m last year to £170.7m this year.
However, HMV has made £53m from its recent sale of book chain Waterstones, and a further £2m from its Canadian stores. This money will go towards reducing its debt.
Its new strategy will also involve stocking more electronic good, such as iPods and tablet computers.
Read a full report at the Financial Times (subscription).