HMV has reported increasing revenue and profits for the 2021-22 financial year.
Parent company Sunrise Records & Entertainment operated 114 HMV and Fopp stores as well as an e-commerce site in the UK during the period covered by the results. The 2021-22 financial results also covered HMV’s 100th anniversary.
The number of stores at the end of March 2022 increased from 106 in the previous financial year.
Amid the general decline in High Street retail as shoppers go online, the music and entertainment chain has been able to draw shoppers to stores with exclusive and collectible products. HMV also staged more than 1,000 in-store grassroots gigs last year and even launched its own label, 1921 Records, with artist India Arkin (pictured).
According to documents at Companies House, revenue increased by 66.8% year-on-year to £150.8 million, while gross profit increased by 64.% to £65.4m. Operating profit was £2m.
In its strategic report, HMV described the results as a “positive step forward” as it noted improved consumer confidence.
Sales results were helped by the year-on-year comparison with 2020-21, when Covid first forced High Street retailers to close during lockdown. Nevertheless, HMV still had to navigate Covid throughout 2021 including the impact of Omicron during the crucial festive sales period.
The report also highlighted continued investment in the business including e-commerce, under the ownership of Doug Putman.
“During the year, HMV demonstrated their appetite for stretching customer reach by opening more stores and [is] set to continue the focused expansion building on the brand and diversified growth,” stated HMV.