U.S. News

HMV Full-Year Profits Fall by Half; Japan Unit Up for Sale


British music and books company HMV said Thursday full-year profit halved, and it is in talks about selling its Japanese unit.

In the year ended April 28, HMV made a net profit of 35.1 million pounds (52.2 million euros; $70.1 million), down almost 50% from the previous year's figure of 69.7 million pounds.

Revenue gained 3.8% to 1.89 billion pounds (2.8 billion euros; $3.77 billion), but fell 3.5% on a like-for-like basis. Like-for-like refers to sales at stores open at least a year.

HMV shares fell 3.3% to 118 pence at close on the London Stock Exchange.

The company said it had completed a review of its HMV Japan unit, and was "now in discussions which may lead to a disposal."

HMV Japan operates 62 stores, and generates 24% of sales online, the company said.