• Full-year pre-tax loss of €144,000 (£114,000)
  • Sales more than doubled in the 52 weeks to end of January 2015
  • Operating profits fell 75%
  • Investment over period totalled €600,000

HMV’s Irish business recorded a pre-tax loss last year owing to heavy investment in expansion, despite revenues more than doubling.

The division recorded a pre-tax loss of €144,000 (£114,000), according to the Irish Examiner.

Revenues reached €19.6m (£15.5m) for the 52 weeks to the end of January 2015, helped by two new store opening in Dublin and Galway.

An investment of €600,000 (£474,500) hit profitability, with operating profits falling 75% to €254,000 (£200,000).

HMV said that its numbers were in-line with targets.

In addition to two new stores, increased marketing spend helped the business to meet targets.

 

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