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Company says HMV, Xtravision 'in profit'

The combined HMV-Xtravision business in Ireland is to make "substantial profits" this year.

That is according to the Managing Director of Hilco Capital Ireland, Larry Howard, that last year purchased the HMV business.

The turnaround specialists are now operating 107 stores under the Xtra-vision and HMV brands in Ireland and reopened two locations in Dublin's Grafton Street and Henry Street.

According to Mr Howard, 46 stores operate under the dual brand with the remainder Xtra-vision only.

"We will make substantial profits this year after making substantial profits last year," he said.

BUSINESS

HILCO has already pumped €2.7m into rejuvenating the HMV business here.

"Everything is all good and business has been very strong. The performance of the Xtra-vision and HMV brands have been a major success," Mr Howard said.

He pointed out that physical sales of CDs and DVDs still account for respectively 66pc and 70pc of all sales in Ireland.

"The market for DVDs and CD music is up in Ireland this year. That may be down to the old HMV business shutting down last year, but it is still a positive," he said.

Mr Howard confirmed that numbers employed by the HMV-Xtra-vision business now total 1,100.

hnews@herald.ie


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