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Fri 05 May 2007HMV Ireland struggling against cut-price competition, online rivalsMusic retailer HMV and its wholly-owned book chain Waterstone's are struggling to grow their business in Ireland amid cut-price competition and online retail formats, new filings reveal.HMV Ireland disclosed that its annual operating profits in Ireland dropped by almost 18 per cent to €7.7 million as "challenging" conditions in the year to April 2006 held sales at €70.3 million, only 1.2 per cent stronger than the previous year.