Troubled music retailer HMV slumped to a loss of £16.2m today but said its recovery was on track as it ramps up sales of electronic devices.
The group, which operates 252 stores, expects profits of at least £10m this year as it drives more business from selling the latest iPad, Google’s Nexus tablet and wireless headphones alongside its CDs and DVDs.
It fell into a loss for the 52 weeks to April 28 after a "turbulent" year that saw like-for-like sales slide 12% amid fierce online competition.
The company’s rescue plan has seen it sign a new deal with suppliers, including Universal Music, while it sold its Waterstones book chain and Hammersmith Apollo venue to get to grips with its debt mountain.
Electronic devices now represent 11% of its business after it rolled out an extended range to 144 stores and it said it will revamp a further 25 stores in coming months.