HMV reported that its annual profits have increased, crediting the resurgence of vinyl records and an increasing interest in pop culture to its success.
The retailer generated a pre-tax profit growth of £2 million to £5.3 million during the year to May 2023; also, its sales soared from £151 million to £178 million.
Doug Putman, HMV’s Owner, said: “Sales growth is representative of the continued revival of vinyl but also of our expanded pop-culture, anime and K-pop offerings, which have growing fan bases amongst younger audiences.”
HMV also explained that it estimates it accounts for over half of vinyl sales across the UK.
It also reopened its Oxford Street store back in November – read more about it here.
The company highlighted that the increase in vinyl sales helped turn to turn the business around after it fell into bankruptcy in 2019.
Mr Putman also commented on the crisis effecting UK high streets. He said: “Continuing to stay ahead of these sorts of challenges will be a key focus for the team and retail in general in 2024, as we see cost pressure across the board whilst also facing into squeezed consumer discretionary spending.”
