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HMV profits halved

Updated on 28 June 2007

Source ITN

Music and books retailer HMV has said its annual profit more than halved to £48.1 million as it battles cut-price supermarket and online sales.

The group, which as well as its music stores runs Waterstone's, said pre-tax profit before exceptional items for the year to April 28 plunged to £48.1 million from £98.2 million the year before. Sales rose 3.8 per cent to £1.895 billion.

HMV said it plans to offer digital rights management-free downloads on its website from September, including EMI's and other independent label's libraries of over one million tracks. It also plans to sell its Japanese business.

The company has faced increasing competition in its key UK home market from supermarket giants like Tesco and Asda, as well as online retailers selling CDs and DVDs.

HMV said like-for-like sales in the eight weeks to June 23 had actually risen by 3.8 per cent.

Chief Executive Simon Fox said: "Group for like-for-like sales have been positive, albeit against a soft comparisons as a result of last year's (soccer) World Cup. We have been growing faster than the market, gaining market share."

Mr Fox said the group has decided to sell its Japanese business but declined to comment further on value or timescale, adding the group had no intention of selling any other parts of the business.

© Independent Television News Limited 2007. All rights reserved.

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