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Edition: U.S. Article Comments (0) Follow Reuters Facebook Twitter RSS YouTube Read U.S. caught China buying more debt than disclosed 8:54am EDT Putin says Russian 2012 election will be dirty 8:34am EDT Visa, MasterCard "more investable" after new fee rules 8:44am EDT Analysis: Obama's jobs plan aimed at voters, not debt talks 10:46am EDT Analysts upbeat on Visa, MasterCard after new card fee 7:07am EDT Discussed 114 Fragile economy pushed Obama to tap oil reserves 99 Top Republicans insist no taxes in debt deal 66 U.S. cost of war at least $3.7 trillion and counting Watched A Tokyo-Paris flight in under three hours on the horizon Fri, Jun 24 2011 Austerity vote passed amid violent Greek protests Wed, Jun 29 2011 New report delves into the costs of war Wed, Jun 29 2011 HMV to refocus on gadgets as profits slump Tweet Share this Email Print Related News New Lloyds CEO cuts 15,000 jobs in revival plan 10:54am EDT Oil rises on optimism about Greece, weak dollar Tue, Jun 28 2011 Wall Street reverses sharp sell-off after Greek deal Thu, Jun 23 2011 UPDATE 4-Barnes & Noble hurt by Borders, helped by Nook Tue, Jun 21 2011 Wall Street rebounds in oversold market Tue, Jun 14 2011 Analysis & Opinion Indiaâ€™s Food Evangelists Wal-Mart’s win puts nail in group suits’ coffin Related Topics Technology » Shoppers walk past a HMV store in Harrogate, northern England December 11, 2008. Credit: Reuters/Nigel Roddis By Mark Potter LONDON | Thu Jun 30, 2011 9:11am EDT LONDON (Reuters) - British retailer HMV Group Plc aims to ramp up sales of MP3 players, headphones and tablet computers to offset sliding demand for CDs and DVDs and inspire a recovery from near collapse. The 90-year-old group, famous for its Nipper the dog trademark, has issued four profit warnings this year as a downturn in consumer spending exacerbates long-term challenges from downloading and competition from supermarkets. Earlier this month, it secured its immediate future with a 220 million pound ($352 million) refinancing deal with banks. It has also sold the Waterstone's book chain and its Canadian arm to cut debt. Chief Executive Simon Fox said on Thursday the group would refit 150 stores by the end of September to focus 25 percent of selling space on fast-growing portable digital products such as MP3 players and accessories like docking stations. The move follows trials in six stores which HMV said had delivered an 8 percent improvement in like-for-like sales in those outlets compared with the rest of the estate. Fox said HMV would stand apart from other retailers like electricals specialists such as Dixons and Kesa, Home Retail's Argos and department store chain John Lewis, which all sell the same products. "We're selling them in an entertainment environment, in young buzzy stores, not out-of-town sheds, with trained staff. So it's a differentiated offer," he told reporters. However, some analysts were skeptical the plans, which also include HMV focusing more on live music and event ticketing, would offset the continued decline of its CD and DVD markets in a difficult trading environment. "We are less enthused ... Core markets will continue to create a drag on profits," Oriel Securities analysts said. "With net debt at 170 million pounds the risks to equity holders are high." COULD GET WORSE HMV is among a string of British retailers to run into trouble this year as consumers rein in spending amid rising prices and government cutbacks. Several smaller chains like Focus DIY, Habitat UK and Jane Norman have gone into administration, while others, such as chocolatier Thorntons, have announced plans to close scores of stores. Fox said he was assuming trading conditions would remain difficult and could get worse. Earlier on Thursday, research by GfK/NOP showed UK consumer confidence fell in June, after a rise in May. HMV, which runs around 250 stores, said profit before tax and one-off items dropped 61 percent to 28.9 million pounds in the 53 weeks ended April 30, in line with its latest guidance. After tax and non-cash impairments charges from the assets it has sold, the group made a loss of 121.7 million pounds. Arden Partners analyst Nick Bubb said he expected the group to break even at best this financial year and would seek to raise equity after Christmas. "The shares are still best avoided," he said. Fox said the store refitting program would cost around 6 million pounds. HMV shares, which have fallen 78 percent over the past 12 months, were down 0.9 percent at 9.91 pence by 1215 GMT, valuing the business at about 48.5 million pounds. ($1 = 0.626 British Pounds) (Editing by David Holmes) Technology Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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