HMV Revenue Drops 40 Per Cent

HMV has seen its revenue fall by just over 40 per cent in the last 6 month period which brings the company's overall debt to £163.7 million.

For the last half year - that ended on the 29th of October - HMV has seen its revenue drop by £443.3 million which represents a 40.8 per cent drop compared to the same period last year. This brought about an overall loss of £40.6 million, a few million than 2010's loss of £37.8 million.

Games Industry (requires free account sign up) reports that much of this is down to the sale of HMV Canada and Waterstones. It's also being said that the current global economic status "may cast significant doubt on the Group's ability to continue," in the future.

CEO Simon Fox has been out in front trying to assure everyone that all is fine: "This has been a challenging start to the year. However, we have taken decisive action to restructure the business and are now seeing the benefits of this, particularly in our Technology products business."

"Like all consumer-facing companies we are facing tough trading conditions but we continue to push forwards through this period. We remain well prepared for the key trading days ahead."

HMV has performed some restructuring of its stores this year with some being turned into hardware locations selling netbooks, tablets and headphones. The company is hoping this will help reinvigorate the brand.

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