Troubled entertainment retailer HMV has announced that
current trading conditions has meant the company could breach its banking
agreements in January, despite yesterday’s news that HMV received £40 million
funding from its suppliers. In its interim results for the 26 weeks ended 27
October 2012, HMV announced total sales from continuing operations were down
13.5 percent from £333.7 million in 2011 to £288.6 million, while like-for-like
sales from continuing operations decreased 10.2 percent. In the same period
operating losses before exceptional items from continuing operations were £24.1
million with total group loss after tax and exceptional items reduced to £36.1
million, compared to a loss of £50.1 million in 2011.
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