The retailer put poor revenues down to the unusually hot summer last year. It said: 'Trading during 2003 proved to be very challenging. In particular, the high-margin rental business was impacted by the unprecedented hot weather during most of the summer, as well as a comparatively weak release schedule. Gross margin declined by 2.1 per cent due to a mix shift in revenues away from rental to sell-through product.'
The retailer said that trading in the first half of 2004 was better compared with last year. Rentals were up because of a stronger film release schedule.
For more details on this story, see Retail Week this Friday