09 August 2012 10:02
HMV has said that its recovery is "on track" as it revealed plans to drive sales through electronics, despite a loss of £16.2 million in the previous financial year.
The company fell into a loss for the 52 weeks to April 28th after a "turbulent" year that saw like-for-like sales slide 12% amid fierce online competition.
However, the group, which operates 252 stores, expects profits of at least £10 million this year as sales from the latest iPad, Google's Nexus tablet and wireless headphones increased.
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 the 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.