HMV has released its financial report for Q2 of 2010 and has revealed that its profits had dropped by 10.6% for the period across the entirety of its business.
A slowing of game sales over the summer - and specifically the World Cup - period, as well as better deals offered by competitors online, in the high street and at the shopping mall, have been recognised as contributing factors to the decline.
The company's CEO Simon Fox had this line of bizBs to say of HMV's reduction in profits, “Where the World Cup disrupted the pipeline for new entertainment product, and the games market continued to be weak."
"Our new fashion and enhanced technology offers...combined with a stronger product line-up, particularly in games, are key to the delivery of a successful Christmas."
It is always handy to have a HMV nearby so hopefully the company wont be closing its doors anytime soon. Where will we go in town to buy our games and pompous T-shirts then?
A slowing of game sales over the summer - and specifically the World Cup - period, as well as better deals offered by competitors online, in the high street and at the shopping mall, have been recognised as contributing factors to the decline.
The company's CEO Simon Fox had this line of bizBs to say of HMV's reduction in profits, “Where the World Cup disrupted the pipeline for new entertainment product, and the games market continued to be weak."
"Our new fashion and enhanced technology offers...combined with a stronger product line-up, particularly in games, are key to the delivery of a successful Christmas."
It is always handy to have a HMV nearby so hopefully the company wont be closing its doors anytime soon. Where will we go in town to buy our games and pompous T-shirts then?
Comments
Cfan 10 Sep 2010 13:52
1/2
Apart from the people who work the shop floors(who are always nice and helpfull) I'll be glad to see them go bust. Their prices can be beaten twice over by online stores. wakey wakey HMV.
config 13 Sep 2010 09:20
2/2
I don't like to see any high street retailer die. As each store dies, the reason to visit the high street or town diminishes, until all you're left with are deserted precincts lined with charity shops and empty units. As much as a like a bargain there's a lot to be said for supporting local trade, and while HMV is far from a local trader, its stores adds a reasonable amount of "mass" to keep a high street above the critical level needed to pull shoppers in.