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HMV profit jumps after Japanese disposal

LONDON (MarketWatch) — U.K. CD and DVD retailer HMV Group said Tuesday that its net profit for the year ended April 26 jumped to 89 million pounds ($177 million) from 16.1 million pounds as total sales for the year rose 2.2% to 1.94 billion pounds. Excluding gains from the sale of its Japanese business and one-time costs a year ago, profit rose 16% to 40.7 million pounds. The group said it’s ahead of where it expected to be in its restructuring plans, which began in March 2007. Growth was driven by its HMV-branded stores in the U.K. and Ireland. The group said the new financial year has started in line with its expectations and it’s confident of achieving its medium-term target for a return on sales of 4.5% to 5%.
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Original post by Forextvblog

This entry was posted on Monday, June 30th, 2008 at 11:30 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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