Executive Summary
HMV (LON:HMV) is a visual, music, games and technology, and book retailer with businesses in the UK, Japan and Canada. HMV Group consists of two main brands, HMV and Waterstone's with the Group having acquired the latter in 1998 from WH Smith Group PLC. It is one of the world's leading retailers of music and video, and the leading retailer of books in the UK. The Group has 272 HMV stores in the UK and Ireland, 129 stores in Canada and 314 Waterstone's stores in the UK. In 2009, HMV Group earned revenue of £1.95bn and it made an operating profit of £70.3m.
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