HMV to open Brighton store as group revenue dips to £300 million

HMV to open Brighton store as group revenue dips to £300 million

HMV is to open a store in Brighton in time for the busy Q4 period, months after it left the town.

The music retailer is returning to Churchill Square later this month in part of the former BHS building. HMV, which is owned by Hilco Capital, left the shopping centre in January because of increased costs. When it closed, HMV said it planned to look for an alternative site in the town where it has had traded since 1970.

“Its long lasting ties to the arts means it’s a perfect fit for HMV, the home of entertainment,” said operations director Neil Taylor as the opening was announced.

The move comes as HMV reported revenue of £300.8 million for the year ending December 31, 2016, down 8% on the previous year’s £325.3m.

Pre-tax profit was £113.3m (£119.5m in 2015) and earnings totalled £10.9m (£11.5m). The overall loss for 2016 was £8.4m, as a result of expenses including property; the previous year’s loss was £8.8m.

In its financial statement, HMV said that “core categories of music and visual continued to account for the majority of revenue”, while the remainder was down to technology products including headphones, speaker docks and turntables, entertainment-related merchandise and computer games.

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