Struggling British entertainment retailer HMV posted a £16.2m loss, but said it was confident that a focus on technology and the support of its suppliers and banks would help it bounce back.
The 91-year-old retailer, famous for its Nipper the dog trademark, said today it made a pretax loss before exceptionals of £16.2m in the year to 28 April, down from profit of the same amount a year earlier, and broadly in line with guidance it issued in May.
The company reiterated it was confident of returning to profit in the 2012/13 year, reflecting disruption to rival computer games retailer Game and better terms with key music and film suppliers.
"The last year has been a difficult and challenging one for HMV and, as expected, this is reflected in our annual results," said chief executive Simon Fox.
"However, we are confident that the actions we have taken will enable us to significantly improve cash generation and make profits of at least £10 million pounds in the year ahead."
The firm, which trades from about 250 stores in Britain and Ireland, employing about 4,500, has been shifting its emphasis from fast-declining CD and DVD markets into the growth markets of new technology products, live music and event ticketing. It has closed stores, and sold its Waterstone's book chain, Canadian arm and Hammersmith Apollo music venue.
City A.M. Reporter